I'm sorry, this is not a right-wing framing, this is basic monetary theory. We exist under a sovereign fiat currency regime. Our federal government spends money into existence and taxes money out of existence. When you mail your cash or check to the IRS or send an electronic transfer, the money is literally destroyed. Cash is shredded, money is taken out of your account. It doesn't get transferred to some agency to help cover federal employee wages or buy a new aircraft carrier. It vanishes.
Reducing the deficit is a completely idiotic goal which has no meaning and no basis in reality. Deficits are not in and of themselves a matter to be concerned with unless and until inflation becomes a serious threat. Do you honestly believe inflation is currently a threat?
You cannot compare the economic situation in 1993 to the present economic situation. In 1993, we were still in the credit growth cycle. Private sector debt was increasing. Right now we are in the midst of debt deflation and credit deleveraging.
I think there will be a time to raise taxes on the rich, but that time is not now. As long as the banks remain out of control and the lobbyists run Washington, any tax increase would be for show as the wealthy will ensure they have loopholes in place or means to shelter their wealth anyhow. This is not the fight progressives should be pursuing right now, in my view. It's a waste of time and resources.
Increased parity should be our goal. Again, that's best achieved by reigning in the financial sector and federal spending to put people back to work.
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