Commentary: On December 2, 2011 I was excoriated by a young "conservative" named Mike, who wanted to give me a hiding for my communist views on "unregulated" capitalism. He called me or more precisely my views "ridiculous" I'll let you decide who is ridiculous. His tirade was quite lengthy so I am publishing my response in 9 parts as "A series of letters from Left to Right: Dear Mike Since his attack was full of vitriol I have taken off the gloves as I see no point of entertaining his bombastic rhetoric. Parts 5-9 are in-response to the object of his real distain—my post called "Adam Smith Re-examined." Note: Due to length Part 9 is broken into 9a,9b,9c and 9d.
I have color coded my blog post that he critiqued in red—his critique in blue—and my response to his critique in black.
Part 9c
On The Causation of Debt
And the “debt ceiling” is caused by government spending – public works, inventing the Internet, supporting the abandoned old and sick relatives of socialists; stuff like that. Claiming that the “debt ceiling” is caused entirely by tax cuts for job creators is either utterly dishonest or unbelievably ignorant.
Based on what study? Based on what evidence? I have sited many sources that are fact based. You, on the the other hand, have offered nothing but opinion based on conjecture and false premises. I know you won't bother to look because you are afraid you'll find out you are wrong, and all the things you believe are really lies that you have been fed. Have you heard the saying: "Stupidity is the deliberate cultivation of ignorance."
Your dismissal out of hand of Bush's unpaid for wars in Afghanistan and Iraq, 1 trillion and counting, an unpaid for Part B Medicare Program—that was another corporate welfare giveaway to large drug companies, 2 trillion and counting—on top of the tax cuts, three trillion and counting. Are what dug the hole—to say otherwise is naive and utter bullshit.
That doesn't even address the billions every year in tax subsides to corporations that the ordinary taxpayer like me never benefit from—Bush came into office with a projected surplus of 6 trillion dollars engineered by a Democratic President—he left this country on the brink of financial collapse. And 12.3 trillion in debt.
Current American History 101. Failed
"These tax breaks, combined with the cost of fighting wars in Iraq and Afghanistan, will account for nearly half the public debt in 2019, measured as a percentage of economic output, the CBPP's analysis shows. Source: a CBPP
"Even the cost of the economic downturn, combined with the cost of the legislation passed to stem the damage, won't be as burdensome as the weight of the Bush-era tax cuts." Source: a CBPP analysis from report by the Congressional Budget Office
Economics 101 Failed
Government debt is created when politicians dole out more in handouts than they can steal? ("there you go again") in taxes. Period. The deficit is paid for via loans (ITS PAID FOR BY SELLING BONDS TO US CITIZENS AND OTHER INVESTORS) from the private banking cartel of the Federal Reserve, (THE TREASURY ACTUALLY ISSUES BONDS THAT'S WHY THEY CALL THEM US TREASURY BONDS) who get to create money out of thin air (ITS ACTUALLY MADE OUT OF PAPER AND IS "PRINTED" BY THE TREASURY DEPARTMENT) and loan(ed) it to the government. (THAT'S THE PART I HATE, WHY SHOULD THE GOVERNMENT BORROW MONEY THAT TECHNICALLY IS THEIRS IN THE FIRST PLACE? THEY PRINT IT. THEY BACK. HOW DO BANKS GET TO HORN IN AND CHARGE INTEREST? I THINK WE NEED MONETARY REFORM. HOW ABOUT YOU?) This creates inflation, (ACTUALLY ITS THE INTEREST THAT BANKS CHARGE YOU AND I THAT CREATES INFLATION WHICH IS HOW BANKS MAKE THEIR PROFIT—DON"T YOU JUST LOVE CAPITALISM) which is an indirect tax on all of us which we pay for via the ensuing higher prices for everything.(THAT LAST PART IS ACTUALLY TRUE)
It's interesting that you—a capitalist—are railing at the banks because—they are, capital C,—CAPITALISTS—who are doing what you say is—as America as apple pie—and the sole agenda of capitalists—making a profit.
Maybe, hope for you yet—there is—young Skywalker.
In fact though—you are talking in circles.
1. The deficits are not paid for by loans to the government from bankers they are financed by selling US Bonds to investors like you and I.
2. You already agreed the government has a right to tax. If they have the right to tax—its not stealing.
3. Besides if the government (Treasury A) prints the money which—they give to a group of private bankers who have "privatized" the monetary system for their own benefit (the FED B)—what claim do you (D) have on the money or any right to complain? It's printed by the US Treasury. And it's after all back by the full faith and credit of government, of the people—which you despise.
Its a transaction between A and B not (D)
Remember your own example: A sells to B and D has no right to horn in.
So if you are (D) what right do you have to any of that money in the first place? OMG—a leech in our midst!
See Continued Part 9d
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