I’m going to put you at the “steering wheel” of the U.S economy. You will have opportunity to fix the financial mess the U.S. economy is in.
Imagine for a moment you are the US Secretary of the Treasury or some all- powerful overseer of US federal government taxation and spending.
Which problem should you fix first: (a) national debt; (b) unemployment; (c) taxation; (d) expansion of government benefits to equalize income; (e) provide equal access to medical care for everybody?
For reference, you have ~$3.2 trillion in collected taxes to play with and you must make a $523 billion interest payment on ~$16 trillion in loans the U.S. has made (the national debt) and also by law cut $1 trillion of checks for Social Security and another ~$1 trillion for Medicare/Medicaid and then come up with $673 billion for the military, leaving you just ~$4 billion to fund all the other branches of government plus provide food stamps for 37 million people.
The Ethics of Money Pr…
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The U.S. budget is $4.193 trillion and the federal government says it borrows $864 billion to come up with the difference between what it collects in taxes ($3.2 trillion) and its budgetary spending list ($4.193 trillion) – but the U.S. actually spends $6.048 trillion annually (see bottom left corner of the U.S. Debt Clock presented below) and actually just “prints” another ~$2 trillion of electronic money into existence to make up the difference and support the lifestyle Americans have grown accustomed to.
Today the public hears various calls for “Medicare for all,” or “guaranteed income” or “tax the rich.” Can a modern society just create endless money into…