At some point the rich need to realize that sooner or later it's going to be socialism or guillotines

@sir Those don't seem to be mutually exclusive. Quite the contrary, in pretty much every socialist society, executions (among other things that severely lower the quality of life for the general population) seem more rampant than our current western society.
@sir maybe both! Perhaps we'll pay for the guillotines with a small tax increase.
@sean @sir It's funny, but I'd still like to remind you that in the US taxes don't fund the government budget. They just are a monetary adjustment tool an a somewhat wealth redistribution tool.
@sir @sean Thanks for this helpful chart, now my question for you is "Where do the obviously missing 800 billion dollars from revenues to fund outlays come from?"

@hypolite @sean 800 billion dollars is like 20% of the budget, your statement is misleading. And the answer is "mostly debt and financial bullshit"

@sir @sean The reality is more simple and more complex than that. As a sovereign country with a monopoly on emitting dollars, the US simply doesn't need taxes to fund itself. It can just emit enough dollars to cover any expenses. However we know that if too much currency is in circulation compared to the quantity of available goods and services to purchases, it loses some of its value. Here come taxes to remove some currency from circulation and to provide targeted incentives. Both processes at the federal level are entirely disparate, which makes any "how are we going to pay for that" argument about federal programs ignorant at best, disingenuous at worst.

Notice how I emphasized federal government. This doesn't apply to state and city that have a budget constrained by revenues. However even in these cases local taxes don't have to exactly match expenses thanks to federal subventions which don't need to be offset by any taxes as I showed above.
@sean @sir Note: at our level this knowledge doesn't change anything to our lives, except convincing not to vote for people who peddle manufactured worry about the national debt, constantly ask "how are we going to pay for X" and talk about managing the US budget like a household's, I guess?
@moonman @sir Considering Biden won over Sanders, I highly doubt people will actually guillotine any time soon. Maybe if COVID lays enough people off.
@kaikatsu @sir if the plague had come just two months earlier, bernie might have beat biden.
@moonman @sir Trump is more left wing than Biden for fucks sake. I'm becoming an accelerationist at peak speed. Just reset the Earth, please.
@lain @moonman @sir go for the swedish one (which is actually very market oriented economy with some welfare measures, but psst)

@sir Anarchism (libertarian socialism) is the way to go. Capitalism is destroying the planet and the people. :ancom: :antifa: :crt_w_green_lines: :crt_w_prompt: :anarchismred: :gnu:

@hacktivists @sir Ah hell no. Socialism destroys competition. The free marketplace of ideas is useless if there isn't a free market to apply it in. Libertarian capitalism is an absolute must-have, and it seems to me like the consumer base is starting to agree.

Sign in to participate in the conversation

The social network of the future: No ads, no corporate surveillance, ethical design, and decentralization! Own your data with Mastodon!