Tell Obama, everyone: there is #nodeficitproblem because we are #sovereign in our own currency
Over the past year, in an attempt to head off the austerity program gaining steam in Washington, DC, I've blogged the truth about the deficit/debt problem on many occasions. That truth is that there is no deficit/debt problem, and that deficits and debts, no matter how large they may be, don't affect the ability of the United States to create more money.
So, there is not and cannot be a solvency problem, unless Congress refuses to do its duty and appropriate dollars to pay the Government's bills. Of course, if the Government spends beyond what's necessary to add enough aggregate demand for the US to get to full employment, then demand-pull inflation will result from the excess spending. But 1) we've got a long way to go until we reach that point; and 2) the inflation issue not a debt/deficit/solvency issue.
So, the solvency issue needs to be taken off the table for discussion, and certainly as a basis for action, and austerity programs and long-term deficit reduction plans like those of Paul Ryan and the Administration. In addition, our erstwhile leaders need to all get off their high horses about fiscal responsibility, fiscal sustainability, "biting bullets," "having adult conversations," and other such nonsense, and face up to their real responsibility which is spending enough, in the right way, to give every American who wants to work a job at a living wage with decent fringe benefits. Until they do that, they are the ones who are being fiscally as well as morally irresponsible.
So far, my efforts to send this message to our politicians don't appear to have gotten through. So, I want to try again. This time by trying a twitter campaign. A little while ago, I tweeted:
The US can't run out of money, unless Congress refuses to make it! #nodeficitproblem
I'm going to continue this effort by tweeting all the reasons I can think of why the US has “#nodeficitproblem.” If you agree with me, please hep me tweet the truth. Let's get “#nodeficitproblem,” trending!