The Federal Fiscal Joke
Donald Trump wants to cut the tax/confiscation rate. Ok, but maybe it would be a good idea to look at the monetary and fiscal facts on the ground first, just to scope out how much wiggle room he has to play with. On August 15, 1971 the Nixon administration closed the gold window, removing the last restraint on government inflation of the paper money stock. Currency plus checking-type accounts in the hands of the public (M1) increased from $226.5 billion to $3.5 trillion since 1971, an annual inflation rate of 6.1%. Yippee, we are all rich now, right? Since the … Continue reading →
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