"What if I told you that everything we have been taught about US economics is wrong? Before your eyes start to glaze over in anticipation of boring economic jargon, let me acquaint you with 5 simple facts that might just wake you up.
1. Not a single dollar of those federal income taxes you pay to the government every year go to finance anything. As soon as your taxes are received by the government they are in effect destroyed.
2. The US government can never “go broke” because they are the sole issuer of US dollars and can authorize more money when needed. I can see you shaking your head, thinking “this woman must have a screw loose.
Money doesn’t just grow on trees. Just printing more money will cause runaway inflation!” But you would be wrong, and I will explain why.
3. Because of the above, Congress can choose to fund whatever it wants, including universal health care, tuition-free education, 100% clean renewable energy, universal basic income, etc.
4. We are not “in debt” to any other country. Those countries simply have what can be considered savings accounts in US dollars that earn risk-free interest. The US government can pay that interest at any time because, as mentioned, it cannot go broke.
5. “Balancing the budget” would be disastrous, making us go the way of Greece. Paying back the so-called “debt” we actually owe to nobody would take money out of the economy so it cannot be used, causing economic collapse. What we need is a Federal Job Guarantee."

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More from @sdgrumbine

11 Jan
Our Federal Government doesn't need revenue. Taxes serve as a gas pedal or brake for an economy. They drive the need for currency. They stave off inflation and can be used to break up pooled concentrations of wealth that are destructive to a functioning democracy and economy.
So what's the fuss about marginal income tax rates and "fair share"? Why the chatter about how will the government get money to fund its operations?
First we must decouple the idea that spending and taxing are linked. Taxes are not a financing operation at the federal level. In fact, taxes are destroyed upon receipt. You see, the dollar is nothing more than a tax credit. A unit of measure. Just like a run in a baseball game
Read 20 tweets
11 Jan
I'm not doing the Alt media personality wars. I understand we have to be more bold, less deferential, more follow through on demands... But we need the underlying systems to support bold direct action that tit for tat Alt media wars are not building. The sheer volumes we need...
Our enemy is well funded, well organized. Have control of the media and can propagandize the unwitting masses... We have so much "roll up your sleeves" non-door knocking, non-phonebanking, non-electoral style work to do. Without robust revolutionary organizing, it's all fluff.
We must have a revolutionary education process. Teach folks how to organize. Teach folks how to communicate like Wind Talkers. We need to build mutual aid networks and ensure we have the ability to address good, shelter and legal representation.
Read 4 tweets
10 Jan
There are waiting lists for "skilled" practitioners in the care of autistic children. From underpaying to underfunding, this is a problem that can be easily solved. As a father with an autistic child on ridiculously long waiting lists for specialists
#autism 1/x
Specialists such as a TSS or specialty developmental pediatrician are tougher and tougher to get and I get more and more disgusted knowing his life and health are directly being hurt by #MMT deniers.

Autism funding is being blocked by a false belief of debt and deficits.
Families with autism know how much work and endless therapy and late, sleepless nights that come with it. Sleep deprivation and anxiety... illnesses bourne in exhaustion ... all stemming from austerity bred in neoliberal, crap economics.
Read 6 tweets
10 Jan
I had never heard of a man named Ferdinand Pecora before I had met the likes of the legendary William K Black who is the foremost expert in bank control fraud. But Bill was adamant that we learn about Ferdinand Pecora who had apparently brought the banksters to their knees 1/x
I was then introduced to @PatrickLovell1 and his brilliant partner Eric Vaughan who reemphasized the need for a modern day Pecora hearing. m.imdb.com/name/nm1144162/
I started to dig in. These guys Eric, @PatrickLovell1 and Bill had created a docuseries called "The Con" and it broke the story of the housing collapse and the fraud that fueled it from the GFC in 2007-2009 and beyond.
Read 13 tweets
8 Jan
The quicker people GET rock solid with the knowledge that our nation creates currency EVERY SINGLE TIME IT SPENDS INTO EXISTENCE and deletes money EVERY SINGLE TIME IT TAXES (FEDERAL) the sooner we can start to create energy for demands. 1/x
Don't ever say *If we just cut the military we could AFFORD XYZ* It's a lie. We can afford it whether we "blow the budget" w/ military spending. We can afford Healthcare. We have nothing but resources to constrain those investments. A lack of knowledge.
Interest rates? Who cares? The US Gov doesn't finance spending.

It creates money

Read 4 tweets
8 Jan
Modern Monetary Theory is a framework to assess the Macro economy. It doesn't impose socialism or capitalism nor does it address issues of class or racial struggle. But what it does do is show that if you support sys of oppression, you can't hide behind "how ya gonna pay for it"?
Knowing this, as socialists or people seeking a new future with systems of Equality baked into the firmament, we know all things are possible and our desires for a society that cares for one another is achievable financially, it just requires political will, organization & votes.
But alas... This depends on a functioning democracy, trust worthy primary and general elections and the US has one of the most corrupt primary systems in the world and sociopathic defenders of their political party. Such an unworthy position for a human being to hold to.
Read 7 tweets

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