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  • Thu, May 13, 2021 - 05:44am

    #1

    Boomer41

    Status Bronze Member (Offline)

    Joined: Nov 30 2008

    Posts: 220

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    Free Money

I just received this letter from Joe Biden:

Dear Fellow American, Here is $1,400 bucks you didn’t ask for and don’t need. If you want any more, there’s plenty where this came from. Don’t worry, be happy and be sure to get vaxxed, Your Friend, Joe.   (Spanish translation on the reverse side)

Meanwhile, restaurants and small businesses, which desperately want to re-open before they go out of business permanently, are unable to do so, because nobody wants to go to back to work when it pays better to sit home and collect free money from Uncle Joe.

Assume that this letter goes to all American households. Say 150 million people. That calculates to a $300 billion. (including the previous $600 handout)

Meanwhile in Washington DC:

Govt. income from personal income tax    $1,900 billion  (2020)

Total income from all taxes                          $3,800 billion

In 2020, the federal government spent     $6,550 billion       (Trump, Biden, Liberals, Conservatives, it makes no difference)

Shortfall between income and spending   $2,750 billion which was conveniently magicked into existence by the Federal Reserve Bank.

https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762

https://www.thebalance.com/fy-2020-federal-budget-summary-of-revenue-and-spending-4797868

Which makes me wonder: Since the Fed is printing more than we are paying in personal income tax, why don’t they just close down the IRS and print the whole amount?

The Fed certainly has a big enough printing press to do the job. Look at the graph of the M1 money supply below.

$14,000 billion dollars created out of thin air in less than 12 months!   In other words; 78% of all the money presently in existence was created just last year.

If that graph was steam pressure in a boiler, or current in an electric motor, or stress on a steel beam, any engineer would tell you “Head for the hills – she’s gonna blow!”

Or am I just worrying about nothing? I mean, what could go wrong?

 

 

 

  • Thu, May 13, 2021 - 06:42am

    #2
    Wilco

    Wilco

    Status Member (Offline)

    Joined: Apr 23 2015

    Posts: 58

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If that graph was steam pressure in a boiler, or current in an electric motor, or stress on a steel beam, any engineer would tell you “Head for the hills – she’s gonna blow!”

Great analogy and so true, I’m going to use that line. It seems all of humanity’s bills are coming due all at once, eh Boomer41? All three E’s (energy, environment, economy) are ready to blow IMO!

 

 

  • Fri, May 14, 2021 - 07:09am

    #3
    NathanielClark

    NathanielClark

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    Joined: May 05 2021

    Posts: 15

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Hey. Finding a job is a difficult quest now. So many people have lost their jobs due to a lockdown and are looking for a good job. I tried to go to interviews and realized that it does not work. Then I did not postpone and started playing at bonuscasinoisland.com. There are many games here. I don’t want to risk big money. I play online slots methodically and it gives me good results.

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