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View Diary: Why deficits don't matter - the reality of government finance (116 comments)

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  •  Excellent Diary! (4+ / 0-)

    Kosaks, please read, and re-read.  Print it out and put it on your refrigerator to read again later.  The narrative around public debt in this country that compared personal debt to public debt is ridiculous.  

    And now for extra credit:  Building on point 8, suggest a fair and practical system of taxation.  

    Answer to be posted later.

    The Long War is not on Iraq, Afghanistan, or Iran. It is on the American people.

    by Geonomist on Sat Nov 10, 2012 at 06:17:36 AM PST

    •  I'm leaning more and more towards (3+ / 0-)
      Recommended by:
      arendt, hestal, Dustin Mineau

      Michael Hudson's views on taxes:  tax free lunches and untax labor and industry.

      •  Hell yes! You get the extra credit. (3+ / 0-)
        Recommended by:
        katiec, Roger Fox, Dustin Mineau

        Taxing monopoly power is the key.  The right wing just assumes monopoly as a right and mana from heaven.  Tax all monopoly power heavily and we turn the whole economic system around for most people.  

        In fact if we wanted to get technical it isn't even taxation the way most people think of the word.  Taxing monopoly power is more like charging for damages done.  The point isn't so much about raising the money but compensating the rest of us for the damage done.  Failure to tax monopoly power is the government's greatest sin.  

        Even the grand-dad of capitalism, Adam Smith said in his cannons of taxation, the first of which says "Citizens should pay taxes in proportion to the revenue which they respectively enjoy under the protection of the state."  Many people mistakenly think this means a high income tax but that wasn't what he meant.  He was referring to direct taxation of monopoly power such as enjoyed by the British East India Company or the landed aristocracy.  

        The Long War is not on Iraq, Afghanistan, or Iran. It is on the American people.

        by Geonomist on Sat Nov 10, 2012 at 11:21:28 AM PST

        [ Parent ]

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