Letter to the Editor: Stresses caused by outpacing total debt
Published 5:25 pm Tuesday, September 10, 2024
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It’s not that Americans are not paying enough in taxes. The economic stresses are caused by the total debt far outpacing the debt money supply and growing with time.
There isn’t a ‘spending’ problem. When all money is created as loans, there is a ‘borrowing’ problem. Can’t spend until we borrow and go into debt.
Quote, John B. Henderson, Senior Specialist Price Economics, Congressional Research Service, Library of Congress. “Money is created when loans are issued and debts incurred. Money is extinguished when loans are repaid.”
The total public and private debt is nearly $100 Trillion. Of that, $23 Trillion is the total money supply. How much of the $23 trillion must be taxed to pay the $100 trillion?
If the entire money supply of $23 trillion was taxed and applied to the $100 trillion, the entire money supply would be extinguished leaving $77 Trillion in debt growing with time and no money.
Wake up governmental ‘leaders’ and citizens. America and the world have lots of debt because we use and are forced into debt to obtain money; unpayable interest-bearing debt!
Restore the principle America began with, a debt-free medium of exchange. Push your Congress people to introduce the Original American Transportation Act online at debtfreemoney.org
Gregory Soderberg
Austin, MN