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View Diary: Senate Democrats ready to push Social Security expansion (110 comments)

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  •  It's long overdue but the usual suspects will d... (2+ / 0-)
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    Dave925, Roger Fox

    It's long overdue but the usual suspects will demand it be "paid for" with cuts to other programs. Taxes on the wealthy are off the table. The big lie is that federal spending is funded by taxes. The truth is actually the opposite. As the sovereign issuer of currency the federal government is not revenue constrained and has the ability to create as much money as it needs to pay any and all obligations, at any time, for any amount. The federal govt is not like a business or household. It can never run out of money. Taxes are a mechanism to regulate economic activity and have nothing to do with raising revenue for federal spending. Whether or not to spend is a political decision, not a monetary one.

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