Elon Musk Isn't That Smart, Exhibit B - mAgIc mOnEy cOmPuTeRs
Another idiotic statement from the Muskperger and parroted by the fanbois ...
Musk: Feds Have “Magic Money Computers” That Issue Payments “Out of Thin Air” That's not how it works, you dumbasses.
Government spending can either work via the TABS model or the STAB model.
TABS, or Tax And Borrow before Spending, is how most people think of government spending. In many cases, especially at the state and local levels, this is indeed the case.
However, the federal government follows the STAB model. Spending before Tax And Borrow. This is because government has to make mandated payments, so they will spend the money first, then tax and/or borrow the money that was just spent. This is possible because of the federal government's seemingly limitless power to borrow money.
Regardless of how anyone, especially Musk, feels about the STAB model, it does NOT mean that there are "magic money computers" that generate payments "out of thin air."
Shame on Ted Cruz, who attended Princeton and Harvard, for not correcting Musk on the spot.
Shame on the Musk fanbois who believe this utterly insecure idiot.
Tenchusatsu |
