Post #2514308
2026-05-11 13:57 UTC
@pmonks@sfba.social @bignose@theblower.au But any money Government spends is money Government created. It’s a mistake to look at a national government as if it were a normal economic actor with a need to balance income and spending. It’s more useful to view those activities as destruction and creation of money in various sectors. Taxing billionaires reduces their money supply, putting deflationary pressure disproportionately on the goods and services that they purchase disproportionately, such as financial instruments.
Replies (1)
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@pmonks@sfba.social 2026-05-11 15:14
@grumpybozo@toad.social @bignose@theblower.au And if government instead spends that money on other things (say housing, or drug treatment services, or public transit, or …), then there’s disproportionate inflationary pressure on those goods and services. The money isn’t taken out of circulation. Regardless, my point is that simply making billionaires impossible has value, regardless of what (if anything) is done with the tax collected from people who would otherwise have become billionaires.