Yes, billionaires must be taxed out of existence.

[draljones@mastodon.social]

Yes, billionaires must be taxed out of existence.

The primary reason to tax them is to *decrease their power*, eg, to destroy democracy.

The feds do *not* need their money for fed spending. As a sovereign currency issuer, the feds can *never* run out of their own currency.

See Alan Greenspan:
https://www.youtube.com/watch?v=DNCZHAQnfGU

There's no financial constraint on fed spending; rather, constraints are availability of resources & managing inflation.

#USPol #UKPol #AusPol #Economy #mmt #CurrencyIssuing .