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Spending cuts only save taxpayers money when they are offset with tax cuts. 
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Mike Norman considers the following as important:
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Spending cuts only save taxpayers money when they are offset with tax cuts. 
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Mike Norman considers the following as important:
This could be interesting, too:
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| Spending cuts only save taxpayers money when they are offset with tax cuts.  |
The Government does everything backwards since the turn of the millennium Mike. Doesn't matter who's running it.
2025 will be the year of laughs.
Your boy Trump just ordered the Army Corp of Engineers to open the gates to two Federal reservoirs to get "water to flow to Southern California. 2.2 billion gallons were released. Problem is, those reservoirs don't connect to Southern California, and was being stored during winter for use during the summer months for agriculture. The water flowed into a dry lake bed where it is totally wasted. Guess that macroeconomics isn't the only thing this moron is ignorant about.
hell, they should cut the lowest income tax bracket from 10% to 0
Mike Print mo money Norman.
And it needs to be a tax cut to people who won't just put it into savings
People don’t understand that they are taxed at an income bracket regardless of government spending. If the government cuts spending and you fall in a particular bracket they don’t reduce their tax bill by that amount. They pay the tax at the rate the government has decided for that particular year.
People don’t understand that they are taxed at an income bracket regardless of government spending. If the government cuts spending and you fall in a particular bracket they don’t reduce their tax bill by that amount. They pay the tax at the rate the government has decided for that particular year.
The English first of all pleaded with King Charles The First to ignore his advisers, who, they informed him, pleading, were evil and leading him astray. Guess what? They were only telling him what he wanted hear. He ended up with his head cut off… apropos of Trump… beware of believing in anyone…
The government doesn't have the legal right to issue Dollars. The FRB is who is issuing Dollars.
Of course spending cuts would not save tax payers money without a similar reduction in taxes, except for the fact that we need more than the total spending. The US has like $34T in debt which has interest payments associated with it, not to mention the repayment.
The only way this whole thing makes any sense is if we plan on not paying the money back. At this point, that is probably true and we will never pay it back. GDP is massively overstated. 6 years ago when I looked, the total gov spending (DC, state and muni/county) was 8 trillion Dollars. That was 6 years ago, it's probably a lot bigger now. At the time it was about 1/3 of GDP.
Incorrect. When the government spends, it instructs its bank–the Fed–to credit the account of the recipient. Dollar reserve balances are then created in the banking system as a consequence of that payment order. Paper dollar bills can only be ordered by the Fed, but they are exchanged for reserves, which government spending creates.
That is like saying the farmer doesn’t grow the apples, the grocer does.
@ No, it's like saying that the farmer raises the apples. The money either comes from collected monies or from the sales of treasuries.
@@tarstarkusz who is the monopoly-issuer of USD? To buy a Treasury you first have to have the dollars.
@@nicholasgomez2485 I misunderstood you in my previous reply. There are plenty of ways to get Dollars. The FRB is not the only Dollar generating entity. We have the fractional reserve system that creates a lot of Dollars. When you take out a loan, most of that money is printed into existence.
don't banks also create money? but except it has a liability unlike the government
Banks create credit (loans), and loans indirectly create reserves (dollars), but reserves can only come from the government.
@@mikeydoggyWhat do you mean "indirectly"? They do create dollars that go into the bank accounts of the merchants that take those dollars for the goods and services they provide and then those merchants pay the government tax with those dollars. The dollars are created by the loans. There is no government involved in that.
Musk is gonna slash the budget and crash the market 😂
It's about corruption.
That's a whole other conversation.
Isn't the irs being abolished? That's a tax cut.
If only you could educate Elon Musk.
Hey, Mike. Any twinges of ‘buyer’s remorse’ yet?
Nope!
Mike, did you read the Bitcoin white paper yet?
Federal spending has doubled, inflation is running at 26% over the last two years. Mike wants to keep on printing. Our dollar printing has far out striped our need for dollars and is generating high inflation. The spending needs to be cut.
You really didnt listen to anything he said LOL
What about bank loans? Many MMT proponents say fiscal spending is the govt creating money into the economy and that bank loans are the way private sector creates money into the economy. So theoretically one could pay taxes if we shifted more of money creation to bank loans
Also forgot to add…. Warren 's only caveat when I asked him was that 'private credit creation tends to be pro cyclical which can be less stable'