Posted on 03/21/2021 5:51:48 AM PDT by RandFan
@nickgillespie skewers the latest #CovidReliefBill and how upper-middle-class giveaways like this harken back to Bush's Medicare Part D expansion.
We should NOT be subsidizing people who are completely capable of covering these expenses on their own.
Video...
(Excerpt) Read more at twitter.com ...
Using this to buy more investments.
Thanks for the extra money that will grow to something better.
We are being bribed with our own money. demonicRATS will get it back somehow. And then some.
Prices have gone up all around, and interest rates are essentially zero, thus destroying the economic stability of those who worked very hard to build up some savings so they wouldn’t be a burden in their old age, so shut up about “those who don’t need it”!
They may be shovelling money to low- and moderate-income seniors, but the well-off don’t get any.
I haven’t and won’t get any of it, I’ll just get the tax bill to pay. The only saving grace is that all this free money drives the stock market up so maybe I’ll make some of it back there.
It's the banks that get most of the "gettin'" out of this bill.
This is just a tiny pre-inflation compensation.
Couple minutes spent reading When Money Dies, or the diary of Frau Anna Eisenmenger might be worthwhile and enlightening.
“When Money Dies” is an excellent book on the Weimar Republic inflation times. I have a 1923 million mark note somewhere.
There is a relatively new scheme by the Fed called MMT - Modern Monetary Theory.
The govt doesn’t borrow anymore to cover deficits, it just creates the money digitally. And much like a drug addict, cutting back is too painful to ever do successfully.
The USA, as one of the leading countries of the world, can get away with this for a while, but it will eventually end in an inflationary spiral.
1. I am a senior.
2. I do not need the money. The shut downs have cost me nothing.
3. I am not getting any money. Our AGI was greater than 150k in 2020.
4. Teachers and other civil serpents have not seen any economic harm, but this bill is shoveling money to them, too.
5. A lot of people have been set back terribly by the covid hysteria, especially small businesses and hourly workers.
6. A friends who own a small businesses say that some of their employees prefer collecting extended benefits to returning to work.
I’ve gotten nothing. I don’t need it, but I’m surprised I didn’t get it anyway. I got two last year.
There is a relatively new scheme by the Fed called MMT - Modern Monetary Theory.
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MMT is yet another example where leftists conflate cause and effect. Money is an exchange system representing actual goods and services. Leftists think if one just prints money, you can magically create wealth. If wealth creation was that easy, Venezuela should be one of the richest countries on the planet.
The economic point of pumping cash into the hands of people is to give them an incentive to spend and thus increase the volume and velocity of money in the system. This theoretically should lead to business expansion, more hiring, and economic growth that comes back to government as higher tax revenues. If people decide to hoard the cash this theory will not work, interest rates will remain near zero, and the economy goes into recession.
Ultimately, it doesn’t matter who gets the cash but seniors tend to spend less than singles or young families do to meet housing and immediate needs. I was grateful to get the cash returned although because of paying taxes on IRA distributions I’m still in the hole relative to the government. I plan to spend my cash as quickly as possible and do my part to stimulate small businesses.
And it works so much better than traditional hyperinflation because you don't risk having the paper and ink suppliers to your money printers refuse to send you their products because you can't pay with real money.
A few passages of Anna Eisenmenger’s diary are captured in When Money Dies. That’s how I found it on a search years ago looking for further info on her. It’s definitely worth reading.
“ I survey my remaining 1,000-kronen notes mistrustfully, lying by the side of the pack of unredeemed food cards in the writing table drawer. Will they not perhaps share the fate of the food cards if the State fails to keep the promise made on the inscription on every note? The State still accepts its own money for the scanty provisions it offers us. The private tradesman already refuses to sell his precious wares for money and demands something of real value in exchange. The wife of a doctor whom I know recently exchanged her beautiful piano for a sack of wheat flour. I, too, have exchanged my husband’s gold watch for four sacks of potatoes, which will at all events carry us through the winter ... My farmer had hidden the sacks of potatoes under straw on top of which he placed some apples. The apples were duly stolen, but the potatoes reached me safely ... I had to give the porter half a sack as hush-money ... When the farmer’s eyes rested on the grand piano at which Erni [her blinded son] was seated improvising, he took me aside and said: ‘My wife has been wanting one of those things for a long time. If you’ll give it to me, you shall have all you want for three months “
Like felons
Like the Boston Marathon bomber
Who smiled as he placed his bomb next to a 6 yr old boy
“It’s the banks that get most of the “gettin’” out of this bill”
You’re right, of course, but don’t forget the kickbacks the politicians are going to get, too.
Shhhhh! If you say it too loud you’ll break the spell!
“No actual value was created.” - Uncle Miltie.
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