Comments by "Gilded Chalice" (@GetGwapThisYear) on "The Plain Bagel"
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@ricardokowalski1579 no, it isn’t. Governments do not spend taxpayer money. They create money to spend, then regulate the supply via taxation. That is the sole purpose of taxation.
Your follow-up question is equally stupid. Impoverished people do not have savings, therefore the value is not undermined.
The only way you stimulate growth in an economy is via spending. That’s an indisputable fact. If you squeeze the poorest to where they are dependent on debt (credit cards etc.) to afford the essentials, you enrich others at their expense.
The only rectification is government spending on public services, such as state owned transit systems or healthcare. This way you create non-profit generating institutions that serve the public and through which you can extract the excess currency in circulation whilst also reducing prices. The private sector’s only aim is to generate profit, often at the expense of maintenance, improvement, and wage growth.
Obviously, we know America will never create nationalised infrastructure for its citizens because nobody there gives a shit, and they’re all in it for their own gain, so the best you can hope for is a progressive taxation system that removes most of the excess from the top earners. QT is a means to avoid this whilst still removing currency. It’s ineffective, which is why it’s been done so many times in the last few years and we end up back here again shortly after.
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