Earlier this month, President Trump floated the idea of eliminating the debt ceiling. Since 1940, the debt ceiling has been raised more than 100 times. The first debt ceiling was $49 billion, on June 25, 1940. Today, our national debt is $20,200 billion! This leads to the question, “Why have a ceiling, if it is NEVER used?”
Let’s be honest. The U.S. will never pay back our debts. It is mathematically impossible. Future generations will bear the burden of the interest on our national debt. They will be patriotic debt-slaves.
So let’s drop the debt ceiling. While we’re at it, let’s also drop personal and corporate income taxes. No need to stop there. We can easily eliminate payroll taxes (Social Security and Medicare), and excise taxes. My idea is not just temporarily, but permanently. Imagine the economic boost we would experience if we eliminated all federal taxes. Instead of sucking up private capital for the government’s expansion, we allow it to stay in the hands of the people.
Small businesses would thrive. Global businesses would rush to the United States. U.S. businesses located in foreign tax havens would bring these businesses back. The free market would raise employee wages. Employers would compete for the best employees by using tax savings to increase wages. The stock market would be fueled by healthy economic growth. Today’s taxpayers would have a burden lifted, less stress; more money to save and spend. What about this idea isn’t good?
My plan cuts all government revenue and still grows the government. The Federal Reserve has targeted a 2% inflation rate as the ideal growth rate. My plan achieves this, at a minimum. The plan uses this same 2% growth rate to limit the growth of government. Since no taxes are involved, this minimal growth rate should make conservatives happy. My plan fully funds FEMA and any unforeseen national disaster needs. If Congress can agree on infrastructure spending, we got it covered.
Under my plan, it is possible the government MAY grow by more than 2% per year, but it would not increase taxes—there would be no taxes, no matter the size of the government. Read my lips.
My plan is called “The Green Plan.” Although Al Gore may like it, the green reference has no connection to climate change. I’ve named it after money. The Green Plan capitalizes on what America does best. It utilizes our ability to manufacture money.
The Federal Reserve has demonstrated they can create permanent wealth through money printing. They have rewritten what we used to call “economic laws.” They’ve been able to increase our money supply by a factor of 5x, without any significant loss in the dollar’s purchasing power. They’ve demonstrated other nations want our debt and will accept our currency, no matter what we do. If the dollar reaches a saturation point around the globe, the Federal Reserve has the capacity to absorb the unwanted supply. [Click to enlarge chart.]
The Green Plan gives more financial freedom to Americans by eliminating their tax burden. Americans will now find security in high risk investments, knowing the Fed has their back and will do whatever it takes to continue inflating the stock and bond market bubbles.
We are just about a week away from the end of the 2016-2017 federal fiscal year. When September ends, the federal government will have likely spent $3.7 trillion with receipts of about $3.2 trillion. So The Green Plan would have left that $3.2 trillion in the private sector, while fully funding the $3.7 trillion! Our common sense tells us this will juice the economy. Can you say, “New jobs”?
The Green Plan would give the Federal Reserve the responsibility of creating the necessary money to fund government spending. If we had implemented this for the current fiscal year, the Federal Reserve’s balance sheet would now be at nearly $8 trillion, almost doubling in 12 months. We then would increase the money creation by 2% per year, unless other important needs occur.
I’m currently trying to find Republican politicians who will support this plan. Nearly all of the Democrats are on board. Bernie Sanders has endorsed it. Paul Ryan finds it interesting. Forty-nine Republican Senators support the plan. On the House side, there are 156 Republican Representatives leaning toward it (all but the 90 who voted against the recent debt ceiling postponement, although some of those are “maybes”).
Gold bugs love this plan. It nearly guarantees an endless rise in the price of gold and silver. George Soros has committed to funding this campaign. I also have support from Antifa, BLM, and the CPUSA. Fromer President Obama says he wished he would have thought of this plan. Hillary Clinton said she would have won with this plan. Then she corrected herself. She did win, she said, if it wasn’t for Bernie, Wisconsin voter suppression, FoxNews, the Comey letter, millennials who didn’t vote, white people; she paused for a breath, and continued.
I can’t take complete credit for The Green Plan. In his The Atlantic article, [Unveiled! Lenin’s Brilliant Plot to Destroy Capitalism], Matthe O’Brien writes:
Let’s say you’re a revolutionary looking to overthrow capitalism. You’ve got it all figured out when it comes to grabbing power. But you’re still not sure how to stamp the market system out, forever, once l’état c’est toi. What is to be done?
Print, print, print. That was Lenin’s answer. Or at least what John Maynard Keynes thought was Lenin’s answer. In his post-Versailles treatise, The Economic Consequences of the Peace, Keynes famously quoted the Bolshevik leader saying, perhaps apocryphally, that “the best way to destroy the capitalist system is to debauch the currency.” In other words, incompetent central bankers are a communist’s best friend. The idea is hyperinflation breaks down markets and breaks down classes. Business can’t plan beyond today if they don’t know what money will be worth tomorrow. And a collapsing currency turns the bourgeoisie into the proletariat overnight. That sound you hear is the revolution coming.
Now that I think about, maybe America isn’t quite ready for The Green Plan. Maybe we need just a little money printing, but not too much. Kind of like just a little cancer. Maybe we should keep the income tax for just a few more years. We start with baby steps; like eliminating the debt ceiling.
“Dollar” Bill is a real guy, with real knowledge on our nation’s financial calamity, and real solutions for what must be done to dig ourselves out of the hole we are in. Due to his career, Bill must remain “disguised” to protect his position. “Bill” loves America, sees the impending cliff we are all headed towards, and hopes that by sharing his inside knowledge of the failed monetary policy in our nation, that a fiscal “nuclear” event can be minimized..