I used to think gov't creating a financial buffer meant I was being over taxed. Wrong.
I would never have voted for Wall, he dismantled a lot that made SK such a socially innovative province and went along with single focus energy source. But I'm not a resident of SK.
You know that "this is when you've paid all your taxes" day? We need a "this is when you've run out of your tax paid services" day along with a reminder of what your tax paid services are.
http://www.cbc.ca/1.4243401
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Read up on modern monetary theory. The whole notion that taxes are revenue is incorrect (it's just a choice that governments make to borrow their own currencies from private banks, which is a good definition of insanity). A govt that runs a budget surplus does so by forcing the private sector to take on more debt.
ReplyDeleteBill Mitchell, Steve Keen, Stephanie Kelton, and several other top-notch economists explain the whole shebang. It's simply a matter of framing -- a lens through which we view money creation and its function in the economy.