The choice between increasing defence spending by raising taxes rather than raising taxes for spending on social programs is a) a false dichotomy and b) economically illiterate. Taxes do not pay for spending. Government spending comes first and some of that spending is taxed back to prevent inflation.
Government, as the currency issuer, can create whatever funding is required to pay for defence and/or pay for social programs. (Within limits of course). Nonsense such as fiscal rules are political decisions, as are decisions to cut public spending “because of debt, or because the “deficit is too great”. They are not economic imperatives. The austerity pursued by the Tories and now by LINO is a purely political decision. The neoliberal paradigm of enriching the wealthy and impoverishing the rest of us is pure politics, supported by plausible stories about trickle down economics, or there is no government money only taxpayers’ money, or we can’t max out the credit card and live beyond our means. The household analogy for State finances is pernicious propaganda to keep the plebs in their place.
Wise up. Read Stephanie Kelton’s books and spread the message instead of repeating the lies that keep people in poverty while the elite few get ever richer.
The magic thinking of consumer capitalism eh? Complete with built in ‘growth’ as an imperative for a healthy ‘economy’ based on ever increasing extraction on our wee planet with plenty of people/places to exploit must have seemed like a good idea to those economists geniuses back in the day.
Political leaders seem to love volunteering other people’s children to do their warring for them - it would seem you haven’t created a proper ‘legacy’ unless you have had at least one skirmish or two under your belt.
Russia has always been the default enemy of the West, even after the wall went down the hand of friendship was never really offered in good faith. I guess it’s handy to have an evil doppelgänger (thanks Naomi) those defence contracts aren’t going to sign themselves
What a terrific piece of writing! Thank you for this...
The choice between increasing defence spending by raising taxes rather than raising taxes for spending on social programs is a) a false dichotomy and b) economically illiterate. Taxes do not pay for spending. Government spending comes first and some of that spending is taxed back to prevent inflation.
Government, as the currency issuer, can create whatever funding is required to pay for defence and/or pay for social programs. (Within limits of course). Nonsense such as fiscal rules are political decisions, as are decisions to cut public spending “because of debt, or because the “deficit is too great”. They are not economic imperatives. The austerity pursued by the Tories and now by LINO is a purely political decision. The neoliberal paradigm of enriching the wealthy and impoverishing the rest of us is pure politics, supported by plausible stories about trickle down economics, or there is no government money only taxpayers’ money, or we can’t max out the credit card and live beyond our means. The household analogy for State finances is pernicious propaganda to keep the plebs in their place.
Wise up. Read Stephanie Kelton’s books and spread the message instead of repeating the lies that keep people in poverty while the elite few get ever richer.
The magic thinking of consumer capitalism eh? Complete with built in ‘growth’ as an imperative for a healthy ‘economy’ based on ever increasing extraction on our wee planet with plenty of people/places to exploit must have seemed like a good idea to those economists geniuses back in the day.
Graham, I didn’t even mention the military industrial complex’s part in that ‘ecosystem’
*sigh
Political leaders seem to love volunteering other people’s children to do their warring for them - it would seem you haven’t created a proper ‘legacy’ unless you have had at least one skirmish or two under your belt.
Did I miss some 'irony' here?
"Putins brutal regime........etc."
Who attacked Russia?
I would like an answer...IF I don't get one I will unsubscribe.
Russia has always been the default enemy of the West, even after the wall went down the hand of friendship was never really offered in good faith. I guess it’s handy to have an evil doppelgänger (thanks Naomi) those defence contracts aren’t going to sign themselves