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Politics : Politics for Pros- moderated
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To: miraje who wrote (777180)2/7/2023 1:04:19 PM
From: brushwud2 Recommendations

Recommended By
Bob
Winfastorlose

   of 793587
 
I just resent the hell out of sending billions of our tax dollars...

To be clear, they aren't "our tax dollars". That implies that we work hard for our money and make sensible decisions about how to allocate a limited resource.

But the U.S. has an infinite supply of paper money. No tax dollars are necessary. The government simply sells U.S. bonds for cash and spends the proceeds. On occasion, the Fed chooses to monetize some of that debt as it comes due, which causes inflation directly.

The U.S. government is like a panhandler spending whatever he gets on booze. China observes and awaits our ultimate bankruptcy. Then they can push us around like a balloon without firing a shot.

Twenty years ago Larry Lindsey was fired for saying the Iraq war would cost $200B when the Bush II Administration was claiming $100B. By the end, the cost was over $2T. The Ukraine war is at the same stage now.
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