He gets a little angry, and flirts with some language, but he speaks the truth. After an interview with Mitt Romney, this guy is voting Ron Paul.
That was so cool I had to listen to it twice in fact I may listen to it agaain that romnry is such an ahole
Elitest F’s? Haha. I love it. This is the greatest show I’ve ever heard.
oooh, 1% of M1… Ever thought of that?
My favorite part will be when the country goes into a state of anarchy and chaos from libertarians reducing the government’s budget by over 99%…
Seriously, does anyone think? M1 == $1.4 trillion, which equals $14 billion in taxes… Doesn’t quite add up to the current federal tax receipts of $2.4 trillion.
No wonder Romney laughed… Sure he didn’t compose a dignified response, but how can you when you get a proposition that retarded?
I’m interested in what you are saying, but if M1 is the entire money supply out there, how are current tax receipts higher than the entire money supply, by almost 100%, as your numbers indicate?
GDP is 13 trillion. One percent of GDP would be 130 billion, which is still a massive shortfall to income tax receipts, but you must consider that income tax is right at half of all federal government revenues. If we got rid of the income tax completely, we’d have to cut back to late nineties spending levels. If we had this one percent tax on all purchases in a 13 trillion dollar economy, that would raise, like I said, an extra 130 billion. We cut back seriously on military spending, and freeze domestic spending, and allow young people to opt out of social security, we’d be able to run the country no problem.
Honestly, I think we’d be able to run the country no problem with no income tax and no 1 percent VAT.
The whole point of this thing, though, was that Mitt Romney and the gang of republican candidates laugh at Ron Paul, but he knows far more about economics and foreign policy than any of them do, and that’s what angered this talk show host so much. The utter disrespect for Ron Paul.
Basic economics, Justin…
Even Larson new what he was talking about, but he was too stupid to realize the actual dollar amount. M1 is circulating money and reserve cash (checking, money market, and small CoD). That amounts to less than $1.4 trillion. M1 does not include savings/investment money.
You have had a basic course in economics, right?
No income tax and NO vat? What are you smoking, because I want some. While you’re idea sounds nice and noble, it doesn’t have a Hindu’s chance in heaven of succeeding.
Well, you can’t argue with the fact that with no income tax, we’d be pulling in the same revenue that the government did just ten years ago. I think if we can cut enough of our massive military expenditures, get rid of pork barrel spending, and not add any new entitlements, then we could absolutely do it.
And I think we have to. By 2040, our entire federal budget will be consumed by just the interest on social security and medicare. No money for defense. No money for transportation. No money for entitlements. We have to figure out how to fix the system now, cause in 20 years its gonna be too late.
And, I’ve had micro econ. I haven’t had macro yet, so there are some things I don’t know/haven’t had a chance to read about yet. But now I do know about them, thanks to you and Mark Larsen. I’m going back to school in the fall, and planning on getting a degree in macro, so I’ll have to post later when I have a better understanding of the money supply, how’s that?
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