this post was submitted on 19 Mar 2025
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That sounds like our economy is being held hostage by billionaires. "You can't take money from us, it'll make things worse for everyone". Bullshit - they'll try to make things worse for everyone but we don't have to let them, which is exactly the point.
They are saying we need to target where the debt comes from not that we need to bend a knee to the billionaires.
We do use fractional reserve banking whether its a great system or not and so to not trigger a depression or recession we need to be aware of not triggering a deflationary period which would occur by having a surplus in the budget. Instead of excess spending on military we should be investing/spending excess in public infrastructure like health care, mass transportation, and education which have means of generating wealth beyond resource extraction from other nations during war.
They are saying this is a two pronged issue, we need to tax the billionaires but we also need to make sure we still target the right critical investments of public infrastructure with our government spending if we are to see any benefit from it. Otherwise we end in a deflationary period where while you did tax the rich you also delfated the currency making each dollar worth more. I.e they become millionaires in name with the same value as the billionaires they were before all while wages become depressed and the wealth gap gets even worse.