Armstrong Economics Blog/The Hunt for Taxes Re-Posted Apr 5, 2021 by Martin Armstrong
The Democrats are out to end saving and passing on something for your children. I am sure those who voted for Biden simply because they hated Trump will find out what the real agenda is fairly soon. It might simply be a good time to die right now because the Democrats tear up everything that made America the land of opportunity.
The one thing that I would have to agree with Karl Marx on was his version of the “rich” in England was all about preventing the lower classes from ever obtaining wealth. You would take a house and basically pay full value, but it was for a 100-year lease, the way the Brits did in Hong Kong. The 100 years pass, and the property reverts to the historical owners. It was known as a “long lease.” The term “freehold” meant that it was a property you and your family could actually own.
The Democrats are back to the same philosophy of the old aristocratic families of England. Instead of the aristocratic families retaining the title, the Democrats want whatever wealth you have earned and saved to make your family well established to revert to the state. People fled Europe and came to America so they could actually own the property outright. The Financial Panic of 1792 inspired Ben Franklin to say, “In this world nothing can be certain, except death and taxes.”
Many people have criticized my solution that the government should be prohibited from borrowing and it should simply create money to cover its expenses each year capped at 5% of GDP — all federal taxes should be abolished. State and local taxes would still exist since they cannot create money. But they too should be prohibited from borrowing.
My critics will argue this will be inflationary. My point is that would be a dramatic improvement over the current system and eliminating federal debt means that the capital will be redirected into the private sector, creating far more economic growth. Politicians are incapable of managing the economy and should be prohibited from attempting anything. At times, up to 70% of the national debt is accumulated interest expenditures because they borrow year after year with NO intention of paying anything back.
Biden will not destroy the economy because he is spending recklessly, and then argues we must raise taxes to pay for this spending. Yet, the government will never pay for everything because they need to reduce the debt.
So, my solution would have kept your family and their future. Under the Democrats, they are wiping out the future of your family. We are returning to the days where private wealth is not something they will tolerate.
Remember one thing — 99% of all revolutions are created because of taxes! NO TAXATION WITHOUT REPRESENTATION!