That Big Lie just keeps on rollin’ along

Like that ol’ man river of song, some things just keep rollin’ along.

Some lies do, too, especially The Big Lie in economics.

The Big Lie ranks as the most significant lie because it affects virtually everything Congress does — every bill, every speech, every vote, every proposal, every crooked backroom deal.

The Big Lie is the biggest because it adversely affects every man, woman, and child in America, plus many men, women, and children in the rest of the world.

The Big Lie rains on us all.

The Big Lie is the biggest because it is so clearly and obviously wrong, on the same level of truth as claiming that the stars are pinholes in a black, velvet sky.

The Big Lie in economics is: Federal taxes fund federal spending.

There are only two types who promulgate the Big Lie:

1. Those who do not understand economics. That includes you unfortunate souls who wasted years of your lives obtaining economics degrees at prestigious schools like the U. of Chicago. You could have learned the facts at less prestigious, but far better economics schools, like UMKC. 
2. Those liars who do not give a gnat’s behind about the people of America and the world., and are interested only in power.

The next time you hear or read of someone expressing The Big Lie, you can decide which of the two he/she is.

Here’s today’s expression of The Big Lie as seen in the South Florida Sun-Sentinel.

Dems work to revive economic bill
Boosted taxes on some would extend Medicare’s solvency
Senate Majority Leader Chuck Schumer, D-N.Y., is working on a revised economic legislative package. J. Scott Applewhite/AP
By Alan Fram Associated Press

WASHINGTON — Senate Democrats want to boost taxes on some high earners and use the money to extend the solvency of Medicare, the latest step in the party’s election-year attempt to craft a scaled-back version of the economic package that collapsed last year, Democratic aides said.

The sentence above expresses The Big Lie in all its glory. 

Medicare is a federal agency. It is part of the federal government.

The federal government and its agencies cannot run short of dollars unless that is what Congress and the President want. That is why federal taxes do not fund federal spending. 

Additional deficit spending, not less, and certainly not the Fed’s interest rate increases, will cure the oil shortage and inflation. All inflations are supply-shortage problems, not excessive-demand problems.

The Fed cannot cure the shortage problems by manipulating interest rates.

The Democratic-run House approved the measure in November, but Manchin abruptly withdrew his support because of its cost and worries that it would fuel inflation.

That is what Manchin said. If he really believed it, he is a victim of The Big Lie. If he didn’t believe it, he is a liar.

Polls show widespread public alarm over recent months’ historically high inflation rates, supply chain problems, and other economic issues that, along with President Joe Biden’s dismal popularity ratings, are pushing voters toward Republicans, the GOP says.

And then, for one last statement of The Big Lie II:

Asked for comment, a spokesperson for Senate Minority Leader Mitch McConnell said the Kentucky Republican told constituents this week that Democrats would make inflation “considerably worse” by reviving their economic bill.

McConnell is terrified that the Democrats would be able to revive their economic bill because that would stimulate the economy just before the elections, the last thing the GOP wants.

[Taxation: No rational person would take dollars from the economy and give them to a federal government that has the infinite ability to create dollars.]

Rodger Malcolm Mitchell
Monetary Sovereignty

Twitter: @rodgermitchell Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

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THE SOLE PURPOSE OF GOVERNMENT IS TO IMPROVE AND PROTECT THE LIVES OF THE PEOPLE.

The most important problems in economics involve:

1. Monetary Sovereignty describes money creation and destruction.
2. Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”

Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics. Implementation of Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and narrow the Gaps: Ten Steps To Prosperity:

1. Eliminate FICA
2. Federally funded Medicare — parts A, B & D, plus long-term care — for everyone
3. Social Security for all
4. Free education (including post-grad) for everyone
5. Salary for attending school
6. Eliminate federal taxes on business
7. Increase the standard income tax deduction, annually. 
8. Tax the very rich (the “.1%”) more, with higher progressive tax rates on all forms of income.
9. Federal ownership of all banks
10. Increase federal spending on the myriad initiatives that benefit America’s 99.9% 

The Ten Steps will grow the economy and narrow the income/wealth/power Gap between the rich and the rest.

MONETARY SOVEREIGNTY