Likely she grew up in a wealthy family where money was never an issue as everything you say about motivation is true. I have some friends who believe MMT. I still recall Ben Franklin writing about currency back when the local bank issued it. He said when a cities population is growing its reasonable to create some more, BUT without growth of the population you will end up with inflation. Perhaps why so many people are assisted in entering the US, create more currency and of course most will need banking services. Of course many are paid millions to bring them in too..
I always like to give a complement about my youngest daughter, she is so careful with her money, not mine!!... But that's ok, I wouldnt want it any other way...
Another good essay. My two cents. The problem with traditional economics, notionally balanced budgets is doesn't reflect the modern reality of social spending. Anywhere you turn someone is receiving a government benefit that is paid for by deficit spending. Seniors are a classic example of transfer payments that are unfunded. I've been retired on social security for nine years now. Over the course of my working life I paid in a total of about $50K. As of this year, I've received about $275K in direct income. MMT says-you need money, we will print you some, and all of a sudden...deficits no longer matter. This of course is a house of cards that will end badly, but the people driving the car toward the cliff have the light of True Believers in their eyes and will not be dissuaded.
$275K in 9 years, that's pretty good, Ive been retired 19 years and dont think Ive received that much, I get about $10k a year from CPP which I funded, arguably I could have done better if I had the money to invest tax free. The OAS is clawed back 100%...
Now my older sister, she has done very well, she has not worked 1 hour since she was 34, she has a fabulous apartment, 150 meters south of the UofT, she pays $126 a month all in, market value $2400+ She lives a simple life but can easily afford everything she needs including cigarettes' all on Govt handouts. BTW she is 77, so that's 43 years as she didnt like getting up early to go to work..
Awesome article which says it all. Thank you for clarifying and spreading the truth.
Tour de force
Excellence sir!
Likely she grew up in a wealthy family where money was never an issue as everything you say about motivation is true. I have some friends who believe MMT. I still recall Ben Franklin writing about currency back when the local bank issued it. He said when a cities population is growing its reasonable to create some more, BUT without growth of the population you will end up with inflation. Perhaps why so many people are assisted in entering the US, create more currency and of course most will need banking services. Of course many are paid millions to bring them in too..
I always like to give a complement about my youngest daughter, she is so careful with her money, not mine!!... But that's ok, I wouldnt want it any other way...
Another good essay. My two cents. The problem with traditional economics, notionally balanced budgets is doesn't reflect the modern reality of social spending. Anywhere you turn someone is receiving a government benefit that is paid for by deficit spending. Seniors are a classic example of transfer payments that are unfunded. I've been retired on social security for nine years now. Over the course of my working life I paid in a total of about $50K. As of this year, I've received about $275K in direct income. MMT says-you need money, we will print you some, and all of a sudden...deficits no longer matter. This of course is a house of cards that will end badly, but the people driving the car toward the cliff have the light of True Believers in their eyes and will not be dissuaded.
$275K in 9 years, that's pretty good, Ive been retired 19 years and dont think Ive received that much, I get about $10k a year from CPP which I funded, arguably I could have done better if I had the money to invest tax free. The OAS is clawed back 100%...
Now my older sister, she has done very well, she has not worked 1 hour since she was 34, she has a fabulous apartment, 150 meters south of the UofT, she pays $126 a month all in, market value $2400+ She lives a simple life but can easily afford everything she needs including cigarettes' all on Govt handouts. BTW she is 77, so that's 43 years as she didnt like getting up early to go to work..