Cory Doctorow on Nostr: But - as FDR well knew - that's not how government spending works. The US government ...
But - as FDR well knew - that's not how government spending works.
The US government can't run out of US dollars. The US government doesn't get its dollars for spending from your taxes. The US government spends money into existence and taxes it out of existence:
https://pluralistic.net/2020/12/14/situation-normal/#mmt
A moment's thought will reveal that it has to be this way. The US government (and its fiscal agents, chartered banks) are the only source of dollars.
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The US government can't run out of US dollars. The US government doesn't get its dollars for spending from your taxes. The US government spends money into existence and taxes it out of existence:
https://pluralistic.net/2020/12/14/situation-normal/#mmt
A moment's thought will reveal that it has to be this way. The US government (and its fiscal agents, chartered banks) are the only source of dollars.
18/