Well, it just so happens, that it can order the Federal Reserve to do that. It’s just that not everyone knows that it can.
And among those that know, there are many who don’t want the rest of us to know that truth, because if we did, then they wouldn’t be able to constantly tell us the lie that Congress’s spending isn’t limited by the Federal Government’s ability to tax and borrow. And if they couldn’t tell us that, and give it as a reason why we can’t have the necessary spending for all the things we need (forgive me) to make America great again, then their power over us, the consent we grudgingly give them, would be gone.
We would then make our representatives do what is in the people’s interests and pursue the public purpose which may include in the fiscal sphere, at least:
— A full payroll tax holiday until full employment is reached;
— State revenue sharing grants to support State governments in restoring the full range and quality of public services that existed before the Great Recession;
— A Federal Job Guarantee program guaranteeing a job offer at a living wage with full fringe benefits to anyone seeking part-time or full employment;
— A guarantee of annual entitlement spending without regard to “trust fund” balances and a doubling of Social Security benefits;
— National Improved Medicare for All, a full coverage no co-pay, no deductible program (See HR 676 for range of benefits);
— Fix US infrastructure using the full specification of requirements by the American Society of Civil Engineers over six years;
— A No Cost Educational System from Pre-School through Graduate School;
— A debt jubilee for College loan debtors;
— Create new clean Energy Foundations to rapidly transition to renewable, non-polluting energy sources;
— Create an Environmental protection program that will clean up and maintain a clean environment;
— Stop and reverse climate change;
— A Basic Income Guarantee;
— Maintaining or creating social safety net programs as good or better than any in the world, and safeguarding the rights of national governments to expand them regardless of the effects of public policy on private profits, without incurring any financial liability;
— Additional fiscal policies reducing economic inequality;
— End fiscal policy budgeting for deficit reduction and fiscal neutrality, replacing it with budgeting aimed at getting the best outcomes for public purpose.
What if the US Treasury Could Order the Federal Reserve to Increase the Balance in Its Spending Account Whenever it Needed to and Everyone Knew that It Could?
