It takes only two things to keep people in chains: The ignorance of the oppressed and the treachery of their leaders.
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The CRFB makes the Lie simple and big and tells it often
The word "unsustainable" is a favorite among federal debt fear-mongers. They use it all the time. It is a lie, a Big Lie. It is the biggest lie in all of economics.
Do you know what it supposedly means regarding the federal debt? Specifically, what aspect of the federal debt do they claim can't be sustained?
While you think about that, read this Email I received from my favorite debt fear-mongers: The Committee for a Responsible Federal Budget (CRFB)
Committee for a Responsible Federal Budget (CRFB)
We Must Increase the Statutory Debt Limit and Take Action to Deal with the Debt
August 2, 2017
For Immediate Release
The United States government is quickly approaching the deadline for raising the debt ceiling. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, released the following statement:The United States faces two major debt challenges: one urgent and acute, the other gradual and long-term but still pernicious. Without a prompt increase in the debt limit, policymakers would threaten default on America's obligations and could even spark a global economic crisis.
Correct. The day the United States stops paying its bills is the day the world's economy collapses, making the "Great Recession" of 2008 look like a picnic.
So why does Congress threaten us with it? In fact, why is there a debt ceiling at all?
Federal "debt" is not like personal debt. When you "lend" to the federal government, you tell your local bank to transfer your dollars from your checking account and deposit your dollars into your Treasury Security Account at the Federal Reserve Bank (FRB).
That is the way you buy a T-bill, T-note, or T-bond, which together make up the federal "debt." You simply transfer your dollars from one of your bank accounts to another one of your accounts at another bank, the FRB.
The dollars are still yours. They just have been moved from one of your accounts to another of your accounts.
Thus, the so-called federal "debt" is nothing other than the total of those deposits in Treasury security accounts at the world's safest bank, the Federal Reserve Bank.
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