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97 - Hong Kong Protests & #YangGang vs #McCainGang ft. Emma Vigeland (Patreon)

Published:
2019-07-09 23:03:54
Imported:
2026-06
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Content

This is the free weekly edition of TMBS. To support the Michael Brooks Show on Patreon and receive hours of weekly members-only content, subscribe at Patreon.com/tmbs   Follow The Michael Brooks Show and crew on twitter: @TMBSfm @_michaelbrooks @mattlech @davidgriscom @davidslavick

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TMBS - 97 - Hong Kong Protets & #YangGang vs #McCainGang ft. Emma Vigeland

This is the free weekly edition of TMBS. To support the Michael Brooks Show on Patreon and receive hours of weekly members-only content, subscribe at Patreon.com/tmbs Follow The Michael Brooks Show and crew on twitter: @TMBSfm @_michaelbrooks @mattlech @davidgriscom @davidslavick Come see us in Chicago: http://www.lh-st.com/Shows/08-24-2019+The+Michael+Brooks+Show

Comments

Bijou Smith

Comrades, take it from people who do actual mathematics for a living, not just venture funding and looking at data through an AI filter: no tax can ever possibly "pay for" anything with government money. Where does money for tax originate from? Answer: from government spending (like Yang's UBI would be). With a VAT or even with a tax on Wall Street, that is giving with one hand and taking with the other. It's stupid, redundant, pointless, redundant, stupid... So what Yang's UBI amounts to mathematically is pure redistribution from the poor up to the rich. Matt is 100% right, whatever Yang's pleasant personality, his thinking amounts to reptilian.

Bijou Smith

However, Bernie's fiscal conservatism is also regressive, I just think Bernie is the best on everything else, and none of the candidates understand taxation and deficit spending, so they are all brainwashed. When Bernie says taxes on Wall Street will "pay for" Medicare, or student debt cancellation, or whatever, he is misleading people down neoliberal austerity. Bernie should propose zero hourly wage work tax (FICA tax rates go to zero). Taxes on Wall Street are fine, since they are not regressive since no working class folks buy the products Wall Street offers. But taxes on Amazon and Walmart are regressive, because the cost gets passed on to consumers. The taxes on corporations should be only on offshore money havens and generally "hoarded" wealth, which are costs to the oligarchs which cannot be directly passed on to consumers. Finally, ALL THESE TAXES are pure redistributions, which is FINE. But please do not say they pay for the social programs. Government has an infinite capacity to create money by incrementing bank deposit accounts, it only requires Congress to approve, it's a political will to spend that is needed (desperately needed!!! to avoid low income households going into debt), it is not a need for taxes. The US government must spend (to give people money) before it can ask for some back in taxes. And if government taxes more than it spends (balances it's budget) necessarily the non-government sector must go into debt--- which is another way of seeing that taxes cannot possibly ever pay for government programs. Please god, someone tell Bernie taxes do not pay for social programs. It is the only big flaw I see in his campaign, the only piece of neoliberalism in his ideas. I want him to completely exorcise neoliberalism and neoclassical economics. Not only because I'm a nerd, but rather because this is the ONLY way we can get a progressive left agenda with a Job Guarantee and Green New Deal --- it will HAVE to be MASSIVE deficit spending, massive, maybe up to 10% of GDP per annum All pumped into the household economy by the push of a few buttons at the Federal reserve (i.e., it'll literally cost NOTHING to put this money into the economy). it will cost political capital I know, but it has to be done, otherwise Bernie is offering empty promises, which he cannot deliver, and come 2024 another Trump. *Bernie cannot afford one thing: he cannot afford to operate as a fiscal conservative.*

Bijou Smith
>>24598252

And remember this: the government Federal deficit is not a debt owed to anyone. The fiat currency monopoly issuer can ALWAYS PAY IT'S DEBT anyway! Not that it needs to borrow. The Federal Deficit is not borrowed money, it is money net spent into the economy over all recorded history, just like a scorecard on an endless game of pinball. The Federal Deficit in particular is NOT money that our grandchildren will need to "pay back", it's practically the opposite, it is a record of money our grandchildren will have, and hopefully get to keep if the future Sanders-AOC era knows it is evil to run government surpluses. (Tax back more than you give out, that's what a government surplus is.) Tell your neolib friends this: a government with a fiat currency can never run out of money, can never go bankrupt, and never needs a fictitious fund for anything like social security. Social Security Fund could be scraped, it is merely an anti-inflationary form of austerity, a tool for the right wing to beat stupid liberals up with. The government can ALWAYS write social security cheques, it needs no fund, the only question is how much you want to give retirees, that's all. The SS Fund is a device for conservatives to attack socialist and liberals by saying "the fund is bankrupt, we must cut back and pay down the deficit". This is of course a ridiculous illogical assertion. Paying down the Federal Deficit is the government taking back money it gave to households, it is pure and simply AUSTERITY, period.