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mostlysignssomeportents · 2 months ago

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Retiring the US debt would retire the US dollar

THIS WEDNESDAY (October 23) at 7PM, I'll be in DECATUR, GEORGIA, presenting my novel THE BEZZLE at EAGLE EYE BOOKS.

One of the most consequential series of investigative journalism of this decade was the Propublica series that Jesse Eisinger helmed, in which Eisinger and colleagues analyzed a trove of leaked IRS tax returns for the richest people in America:

https://www.propublica.org/series/the-secret-irs-files

The Secret IRS Files revealed the fact that many of America's oligarchs pay no tax at all. Some of them even get subsidies intended for poor families, like Jeff Bezos, whose tax affairs are so scammy that he was able to claim to be among the working poor and receive a federal Child Tax Credit, a $4,000 gift from the American public to one of the richest men who ever lived:

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

As important as the numbers revealed by the Secret IRS Files were, I found the explanations even more interesting. The 99.9999% of us who never make contact with the secretive elite wealth management and tax cheating industry know, in the abstract, that there's something scammy going on in those esoteric cults of wealth accumulation, but we're pretty vague on the details. When I pondered the "tax loopholes" that the rich were exploiting, I pictured, you know, long lists of equations salted with Greek symbols, completely beyond my ken.

But when Propublica's series laid these secret tactics out, I learned that they were incredibly stupid ruses, tricks so thin that the only way they could possibly fool the IRS is if the IRS just didn't give a shit (and they truly didn't – after decades of cuts and attacks, the IRS was far more likely to audit a family earning less than $30k/year than a billionaire).

This has become a somewhat familiar experience. If you read the Panama Papers, the Paradise Papers, Luxleaks, Swissleaks, or any of the other spectacular leaks from the oligarch-industrial complex, you'll have seen the same thing: the rich employ the most tissue-thin ruses, and the tax authorities gobble them up. It's like the tax collectors don't want to fight with these ultrawealthy monsters whose net worth is larger than most nations, and merely require some excuse to allow them to cheat, anything they can scribble in the box explaining why they are worth billions and paying little, or nothing, or even entitled to free public money from programs intended to lift hungry children out of poverty.

It was this experience that fueled my interest in forensic accounting, which led to my bestselling techno-crime-thriller series starring the two-fisted, scambusting forensic accountant Martin Hench, who made his debut in 2022's Red Team Blues:

https://us.macmillan.com/books/9781250865847/red-team-blues

The double outrage of finding out how badly the powerful are ripping off the rest of us, and how stupid and transparent their accounting tricks are, is at the center of Chokepoint Capitalism, the book about how tech and entertainment companies steal from creative workers (and how to stop them) that Rebecca Giblin and I co-authored, which also came out in 2022:

https://chokepointcapitalism.com/

Now that I've written four novels and a nonfiction book about finance scams, I think I can safely call myself a oligarch ripoff hobbyist. I find this stuff endlessly fascinating, enraging, and, most importantly, energizing. So naturally, when PJ Vogt devoted two episodes of his excellent Search Engine podcast to the subject last week, I gobbled them up:

https://www.searchengine.show/listen/search-engine-1/why-is-it-so-hard-to-tax-billionaires-part-1

I love the way Vogt unpacks complex subjects. Maybe you've had the experience of following a commentator and admiring their knowledge of subjects you're unfamiliar with, only have them cover something you're an expert in and find them making a bunch of errors (this is basically the experience of using an LLM, which can give you authoritative seeming answers when the subject is one you're unfamiliar with, but which reveals itself to be a Bullshit Machine as soon as you ask it about something whose lore you know backwards and forwards).

Well, Vogt has covered many subjects that I am an expert in, and I had the opposite experience, finding that even when he covers my own specialist topics, I still learn something. I don't always agree with him, but always find those disagreements productive in that they make me clarify my own interests. (Full disclosure: I was one of Vogt's experts on his previous podcast, Reply All, talking about the inkjet printerization of everything:)

https://gimletmedia.com/shows/reply-all/brho54

Vogt's series on taxing billionaires was no exception. His interview subjects (including Eisinger) were very good, and he got into a lot of great detail on the leaker himself, Charles Littlejohn, who plead guilty and was sentenced to five years:

https://jacobin.com/2023/10/charles-littlejohn-irs-whistleblower-pro-publica-tax-evasion-prosecution

Vogt also delved into the history of the federal income tax, how it was sold to the American public, and a rather hilarious story of Republican Congressional gamesmanship that backfired spectacularly. I'd never encountered this stuff before and boy was it interesting.

But then Vogt got into the nature of taxation, and its relationship to the federal debt, another subject I've written about extensively, and that's where one of those productive disagreements emerged. Yesterday, I set out to write him a brief note unpacking this objection and ended up writing a giant essay (sorry, PJ!), and this morning I found myself still thinking about it. So I thought, why not clean up the email a little and publish it here?

As much as I enjoyed these episodes, I took serious exception to one – fairly important! – aspect of your analysis: the relationship of taxes to the national debt.

There's two ways of approaching this question, which I think of as akin to classical vs quantum physics. In the orthodox, classical telling, the government taxes us to pay for programs. This is crudely true at 10,000 feet and as a rule of thumb, it's fine in many cases. But on the ground – at the quantum level, in this analogy – the opposite is actually going on.

There is only one source of US dollars: the US Treasury (you can try and make your own dollars, but they'll put you in prison for a long-ass time if they catch you.).

If dollars can only originate with the US government, then it follows that:

a) The US government doesn't need our taxes to get US dollars (for the same reason Apple doesn't need us to redeem our iTunes cards to get more iTunes gift codes);

b) All the dollars in circulation start with spending by the US government (taxes can't be paid until dollars are first spent by their issuer, the US government); and

c) That spending must happen before anyone has been taxed, because the way dollars enter circulation is through spending.

You've probably heard people say, "Government spending isn't like household spending." That is obviously true: households are currency users while governments are currency issuers.

But the implications of this are very interesting.

First, the total dollars in circulation are:

a) All the dollars the government has ever spent into existence funding programs, transferring to the states, and paying its own employees, minus

b) All the dollars that the government has taxed away from us, and subsequently annihilated.

(Because governments spend money into existence and tax money out of existence.)

The net of dollars the government spends in a given year minus the dollars the government taxes out of existence that year is called "the national deficit." The total of all those national deficits is called "the national debt." All the dollars in circulation today are the result of this national debt. If the US government didn't have a debt, there would be no dollars in circulation.

The only way to eliminate the national debt is to tax every dollar in circulation out of existence. Because the national debt is "all the dollars the government has ever spent," minus "all the dollars the government has ever taxed." In accounting terms, "The US deficit is the public's credit."

When billionaires like Warren Buffet tell Jesse Eisinger that he doesn't pay tax because "he thinks his money is better spent on charitable works rather than contributing to an insignificant reduction of the deficit," he is, at best, technically wrong about why we tax, and at worst, he's telling a self-serving lie. The US government doesn't need to eliminate its debt. Doing so would be catastrophic. "Retiring the US debt" is the same thing as "retiring the US dollar."

So if the USG isn't taxing to retire its debts, why does it tax? Because when the USG – or any other currency issuer – creates a token, that token is, on its face, useless. If I offered to sell you some "Corycoins," you would quite rightly say that Corycoins have no value and thus you don't need any of them.

For a token to be liquid – for it to be redeemable for valuable things, like labor, goods and services – there needs to be something that someone desires that can be purchased with that token. Remember when Disney issued "Disney dollars" that you could only spend at Disney theme parks? They traded more or less at face value, even outside of Disney parks, because everyone knew someone who was planning a Disney vacation and could make use of those Disney tokens.

But if you go down to a local carny and play skeeball and win a fistful of tickets, you'll find it hard to trade those with anyone outside of the skeeball counter, especially once you leave the carny. There's two reasons for this:

1) The things you can get at the skeeball counter are pretty crappy so most people don't desire them; and ' 2) Most people aren't planning on visiting the carny, so there's no way for them to redeem the skeeball tickets even if they want the stuff behind the counter (this is also why it's hard to sell your Iranian rials if you bring them back to the US – there's not much you can buy in Iran, and even someone you wanted to buy something there, it's really hard for US citizens to get to Iran).

But when a sovereign currency issuer – one with the power of the law behind it – demands a tax denominated in its own currency, they create demand for that token. Everyone desires USD because almost everyone in the USA has to pay taxes in USD to the government every year, or they will go to prison. That fact is why there is such a liquid market for USD. Far more people want USD to pay their taxes than will ever want Disney dollars to spend on Dole Whips, and even if you are hoping to buy a Dole Whip in Fantasyland, that desire is far less important to you than your desire not to go to prison for dodging your taxes.

Even if you're not paying taxes, you know someone who is. The underlying liquidity of the USD is inextricably tied to taxation, and that's the first reason we tax. By issuing a token – the USD – and then laying on a tax that can only be paid in that token (you cannot pay federal income tax in anything except USD – not crypto, not euros, not rials – only USD), the US government creates demand for that token.

And because the US government is the only source of dollars, the US government can purchase anything that is within its sovereign territory. Anything denominated in US dollars is available to the US government: the labor of every US-residing person, the land and resources in US territory, and the goods produced within the US borders. The US doesn't need to tax us to buy these things (remember, it makes new money by typing numbers into a spreadsheet at the Federal Reserve). But it does tax us, and if the taxes it levies don't equal the spending it's making, it also sells us T-bills to make up the shortfall.

So the US government kinda acts like classical physics is true, that is, like it is a household and thus a currency user, and not a currency issuer. If it spends more than it taxes, it "borrows" (issues T-bills) to make up the difference. Why does it do this? To fight inflation.

The US government has no monetary constraints, it can make as many dollars as it cares to (by typing numbers into a spreadsheet). But the US government is fiscally constrained, because it can only buy things that are denominated in US dollars (this is why it's such a big deal that global oil is priced in USD – it means the US government can buy oil from anywhere, not only the USA, just by typing numbers into a spreadsheet).

The supply of dollars is infinite, but the supply of labor and goods denominated in US dollars is finite, and, what's more, the people inside the USA expect to use that labor and goods for their own needs. If the US government issues so many dollars that it can outbid every private construction company for the labor of electricians, bricklayers, crane drivers, etc, and puts them all to work building federal buildings, there will be no private construction.

Indeed, every time the US government bids against the private sector for anything – labor, resources, land, finished goods – the price of that thing goes up. That's one way to get inflation (and it's why inflation hawks are so horny for slashing government spending – to get government bidders out of the auction for goods, services and labor).

But while the supply of goods for sale in US dollars is finite, it's not fixed. If the US government takes away some of the private sector's productive capacity in order to build interstates, train skilled professionals, treat sick people so they can go to work (or at least not burden their working-age relations), etc, then the supply of goods and services denominated in USD goes up, and that makes more fiscal space, meaning the government and the private sector can both consume more of those goods and services and still not bid against one another, thus creating no inflationary pressure.

Thus, taxes create liquidity for US dollars, but they do something else that's really important: they reduce the spending power of the private sector. If the US only ever spent money into existence and never taxed it out of existence, that would create incredible inflation, because the supply of dollars would go up and up and up, while the supply of goods and services you could buy with dollars would grow much more slowly, because the US government wouldn't have the looming threat of taxes with which to coerce us into doing the work to build highways, care for the sick, or teach people how to be doctors, engineers, etc.

Taxes coercively reduce the purchasing power of the private sector (they're a stick). T-bills do the same thing, but voluntarily (they the carrot).

A T-bill is a bargain offered by the US government: "Voluntarily park your money instead of spending it. That will create fiscal space for us to buy things without bidding against you, because it removes your money from circulation temporarily. That means we, the US government, can buy more stuff and use it to increase the amount of goods and services you can buy with your money when the bond matures, while keeping the supply of dollars and the supply of dollar-denominated stuff in rough equilibrium."

So a bond isn't a debt – it's more like a savings account. When you move money from your checking to your savings, you reduce its liquidity, meaning the bank can treat it as a reserve without worrying quite so much about you spending it. In exchange, the bank gives you some interest, as a carrot.

I know, I know, this is a big-ass wall of text. Congrats if you made it this far! But here's the upshot. We should tax billionaires, because it will reduce their economic power and thus their political power.

But we absolutely don't need to tax billionaires to have nice things. For example: the US government could hire every single unemployed person without creating inflationary pressure on wages, because inflation only happens when the US government tries to buy something that the private sector is also trying to buy, bidding up the price. To be "unemployed" is to have labor that the private sector isn't trying to buy. They're synonyms. By definition, the feds could put every unemployed person to work (say, training one another to be teachers, construction workers, etc – and then going out and taking care of the sick, addressing the housing crisis, etc etc) without buying any labor that the private sector is also trying to buy.

What's even more true than this is that our taxes are not going to reduce the national debt. That guest you had who said, "Even if we tax billionaires, we will never pay off the national debt,"" was 100% right, because the national debt equals all the money in circulation.

Which is why that guest was also very, very wrong when she said, "We will have to tax normal people too in order to pay off the debt." We don't have to pay off the debt. We shouldn't pay off the debt. We can't pay off the debt. Paying off the debt is another way of saying "eliminating the dollar."

Taxation isn't a way for the government to pay for things. Taxation is a way to create demand for US dollars, to convince people to sell goods and services to the US government, and to constrain private sector spending, which creates fiscal space for the US government to buy goods and services without bidding up their prices.

And in a "classical physics" sense, all of the preceding is kinda a way of saying, "Taxes pay for government spending." As a rough approximation, you can think of taxes like this and generally not get into trouble.

But when you start to make policy – when you contemplate when, whether, and how much to tax billionaires – you leave behind the crude, high-level approximation and descend into the nitty-gritty world of things as they are, and you need to jettison the convenience of the easy-to-grasp approximation.

If you're interested in learning more about this, you can tune into this TED Talk by Stephanie Kelton, formerly formerly advisor to the Senate Budget Committee chair, now back teaching and researching econ at University of Missouri at Kansas City:

https://www.ted.com/talks/stephanie_kelton_the_big_myth_of_government_deficits?subtitle=en

Stephanie has written a great book about this, The Deficit Myth:

https://pluralistic.net/2020/05/14/everybody-poops/#deficit-myth

There's a really good feature length doc about it too, called "Finding the Money":

https://findingmoneyfilm.com/

If you'd like to read more of my own work on this, here's a column I wrote about the nature of currency in light of Web3, crypto, etc:

https://locusmag.com/2022/09/cory-doctorow-moneylike/

Tor Books as just published two new, free LITTLE BROTHER stories: VIGILANT, about creepy surveillance in distance education; and SPILL, about oil pipelines and indigenous landback.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/10/21/we-can-have-nice-things/#public-funds-not-taxpayer-dollars

#pluralistic #mmt #modern monetary theory #warren buffett #podcasts #pj vogt #billionaires #economics #we can have nice things #taxes #taxing billionaires #the irs files #irs files #jesse eisenger #propublica

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mostlysignssomeportents · 1 year ago

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Social Security is class war, not intergenerational conflict

Today, Tor.com published my latest short story, "The Canadian Miracle," set in the world of my forthcoming (Nov 14) novel, The Lost Cause. I am serializing this one on my podcast! Here's part one.

The very instant the Social Security Act was passed in 1935, American conservatives (in both parties) began lobbying to destroy it. After all, a reserve army of forelock-tugging plebs and family retainers won't voluntarily assemble themselves – they need to be goaded into it by the threat of slowly starving to death in their dotage.

They're at it again (again). The oligarch-thinktank industrial complex has unleashed a torrent of scare stories about Social Security's imminent insolvency, rehearsing the same shopworn doom predictions that they've been repeating since the Nixonite billionaire cabinet member Peter G Peterson created a "foundation" to peddle his disinformation in 2008:

https://en.wikipedia.org/wiki/I.O.U.S.A.

Peterson's go-to tactic is convincing young people that all the Social Security money they're paying into the system will be gobbled up by already-wealthy old people, leaving nothing behind for them. Conservatives have been peddling this ditty since the 1930s, and they're still at it – in the pages of the New York Times, no less:

https://www.nytimes.com/2023/10/26/opinion/social-security-medicare-aging.html

The Times has become a veritable mouthpiece for this nonsense, publishing misleading and nonsensical charts and data to support the idea that millennials are losing a generational war to boomers, who will leave the cupboard bare:

https://www.nytimes.com/2023/10/27/opinion/aging-medicare-social-security.html

As Robert Kuttner writes for The American Prospect, this latest rhetorical assault on Social Security is timed to coincide with the ascension of the GOP House's new Speaker, Mike Johnson, who makes no secret of his intention to destroy Social Security:

https://prospect.org/economy/2023-10-31-debunking-latest-attack-social-security/

The GOP says it wants to destroy Social Security for two reasons: first, to promote "choice" by letting us provide for our own retirement by flushing even more of our savings into the rigged casino that is the stock market; and second, because America doesn't have enough dollars to feed and house the elderly.

But for the New York Times' audience, they've figured out how to launder this far-right nonsense through the language of social justice. Rather than condemning the impecunious olds for their moral failing to lay the correct bets in the stock market, Social Security's opponents paint the elderly as a gerontocratic elite, flush with cash that rightfully belongs to the young.

To support this conclusion, they throw around statistics about how house-rich the Boomers are, and how much consumption they can afford. But as Kuttner points out, the Boomers' real-estate wealth comes not from aggressive house-flipping, but from merely owning a place to live. America's housing bubble means that younger people can't afford this basic human necessity, but the answer to that isn't making old people homeless – it's providing a lot more housing, and banning housing speculation:

https://pluralistic.net/2021/06/06/the-rents-too-damned-high/

It's true that older people are doing a lot of consumption spending – but the bulk of that spending isn't on cruises to Alaska to see the melting glaciers, it's on health care. Old people aren't luxuriating in their joint replacements and coronary bypasses. Calling this "consumption" is deliberately misleading.

But as Kuttner points out, there's another, more important point to be made about inequality in America – the most significant wealth gap in America is between workers and owners, not young people and old people. The "average" Boomer's net worth factors in the wealth of Warren Buffett and Donald Trump. Older renters are more rent-burdened and precarious than younger renters, and most older Americans have little to no retirement savings:

https://www.forbes.com/sites/teresaghilarducci/2023/10/28/the-new-york-times-greedy-geezer-myth/

Less than one percent of Social Security benefits go to millionaires – that's because the one percent constitute one percent of the population. It's right there in the name. The one percent are politically and economically important, but that's because they are low in numbers. Giving Social Security benefits to everyone over 65 will not result in a significant outlay to the ultra-wealthy, because there aren't many ultra-wealthy people in America. The problem of inequality isn't the expanding pool of rich people, it's the explosion of wealth for a contracting pool of rich people.

If conservatives were serious about limiting the grip of these "undeserving" Social Security recipients on our economy and its politics, they'd advocate for interitance taxes (which effectively don't exist in America), not the abolition of Social Security. The problem of wealth in America is that it is establishing permanent dynasties which are incompatible with social mobility. In other words, we have created a new hereditary aristocracy – and its corollary, a new hereditary peasantry:

https://pluralistic.net/2021/06/19/dynastic-wealth/#caste

Hereditary aristocracies are poisonous for lots of reasons, but one of the most pressing problems they present is political destabilization. American belief in democracy, the rule of law, and a national identity is q function of Americans' perception of fairness. If you think that your kids can't ever have a better life than you, if you think that the cops will lock you up for a crime for which a rich person would escape justice, then why obey the law? Why vote? Why not cheat and steal? Why not burn it all down?

The wealthy put a lot of energy into distracting us from this question. Just lately, they've cooked up a gigantic panic over a nonexistent wave of retail theft:

https://www.techdirt.com/2023/10/31/the-retail-theft-surge-that-isnt-report-says-crime-is-being-exaggerated-to-cover-up-other-retail-issues/

Meanwhile, the very real, non-imaginary, accelerating, multi-billion-dollar plague of wage theft is conspicuously missing from the public discourse, despite a total that dwarfs all retail theft in America by an order of magnitude:

https://fair.org/home/wage-theft-is-built-into-the-business-models-of-many-industries/

America does have a property crime crisis, but it's a crisis of wage-theft, not shoplifting. Likewise, America does have a retirement crisis: it's a crisis of inequality, not intergenerational conflict.

Social Security has been under sustained assault since its inception, and that's in large part due to a massive blunder on the part of FDR. Roosevelt believed that people would be more protective of Social Security if they thought it was funded by their taxes: "we bought it, it's ours." But – as FDR well knew – that's not how government spending works.

The US government can't run out of US dollars. The US government doesn't get its dollars for spending from your taxes. The US government spends money into existence and taxes it out of existence:

https://pluralistic.net/2020/12/14/situation-normal/#mmt

A moment's thought will reveal that it has to be this way. The US government (and its fiscal agents, chartered banks) are the only source of dollars. How can the US tax dollars away from earners unless it has first spent those dollars into the economy?

The point of taxation isn't to fund programs, it's to reduce the private sector's spending power so that there are things for sale to the public sector. If we only spent money into the economy but didn't take any out of the economy, the private sector would have so many dollars to spend that any time the government tried to buy something, there'd be a bidding war that would result in massive price spikes.

When a government runs a "balanced budget," that means that it has taxed as much out of the economy as it put into the economy at the start of the year. When a government runs a "surplus," that means it's left less money in the economy at the end of the year than there was at the beginning of the year. This is fine if the economy has contracted overall, but if the economy stayed constant or grew, that means there are fewer dollars chasing more goods and services, which leads to deflation and all kinds of toxic outcomes, like borrowing more bank-created money, which makes the finance sector richer and the real economy poorer.

Of course, most governments run "deficits" – which is another way of saying that they leave more dollars in the economy at the end of the year than there was at the start of the year, or, put another way, a deficit probably means that your economy got bigger, so it needed more dollars.

None of this means that governments can spend without limit. But it does mean that governments can buy anything that's for sale in their own currency. There are a lot of goods for sale in US dollars, both goods that are produced domestically and goods from abroad (this is why it's such a big deal that most of the world's oil is priced in dollars).

Governments do have to worry about getting into bidding wars with the private sector. To do that, governments come up with ways of reducing the private sector's spending power. One way to do that is taxes – just taking money away from us at the end of the year and annihilating it. Another way is to ration goods – think of WWII, or the direct economic interventions during the covid lockdowns. A third way is to sell bonds, which is just a roundabout way of getting us to promise not to spend some of our dollars for a while, in return for a smaller number of dollars in interest payments:

https://pluralistic.net/2021/04/08/howard-dino/#payfors

FDR knew all of this, but he still told the American people that their taxes were funding Social Security, thinking that this would protect the program. This backfired terribly. Today, Democrats have embraced the myth that taxes fund spending and join with their Republican counterparts in insisting that all spending must be accompanied by either taxes or cuts (AKA "payfors").

These Democrats voluntarily put their own policymaking powers in chains, refusing to take any action on behalf of the American people unless they can sell a tax increase or a budget cut. They insist that we can't have nice things until we make billionaires poor – which is the same as saying that we can't have nice things, period.

There are damned good reasons to make billionaires poor. The legitimacy of the American system is incompatible with the perception that wealth and power are fixed by birth, and that the rich and powerful don't have to play by the rules.

The capture of America's institutions – legislatures, courts, regulators – by the rich and powerful is a ghastly situation, and to reverse it, we'll need all the help we can get. Every hour that Americans spend worrying about their how they'll pay their rent, their medical bills, or their student loans is an hour lost to the fight against oligarchy and corruption.

In other words, it's not true that we can't have nice things until we get rid of billionaires – rather, we can't get rid of billionaires until we have nice things.

This is the premise of my next novel, The Lost Cause, which comes out on November 14; it's set in a world where care and solidarity have unleashed millions of people on the project of maintaining the habitability of our planet amidst the polycrisis:

https://us.macmillan.com/books/9781250865939/the-lost-cause

It's a fundamentally hopeful book, and it's already won praise from Naomi Klein, Rebecca Solnit, Bill McKibben and Kim Stanley Robinson. I wrote it while thinking through and researching these issues. Conservatives want us to think that we can't do better than this, that – to quote Margaret Thatcher – "there is no alternative." Replacing that narrative is critical to the kinds of mass mobilizations that our very survival depends on.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/11/intergenerational-warfare/#five-pound-blocks-of-cheese

This Saturday (Nov 4), I'm keynoting the Hackaday Supercon in Pasadena, CA.

#pluralistic #class war #inheritance tax #death tax #mmt #modern monetary theory #intergenerational war #intergenerational wealth transfers #social security #ss

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