*** Official Politics Shitposting Thread ***

[Jack Sawyer]

Tax "cuts" LOL

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

http://thehill.com/policy/finance/40...ercent-to-895b

[oskar]

Tax "cuts" LOL



http://thehill.com/policy/finance/40...ercent-to-895b

I asked Wuf what happens when you lower taxes and increase government spending. I didn't get an answer.

[Poopadoop]

I asked Wuf what happens when you lower taxes and increase government spending. I didn't get an answer.

Wuf once told me the size of the deficit doesn't matter because they can always just print more money. I found that very enlightening, as I had no idea a country could generate wealth using a printing press. Too bad a lot of Africa hasn't figured that out yet, maybe they'd stop being such shithole countries.

[Poopadoop]

^^
I was reminded of this because apparently it was the same answer Trump gave to Cohn when he came up with his tax cut idea. Cohn said "it'll increase the deficit" and Trump's response was "we'll just print more money".

And people say Trump isn't a genius.

[OngBonga]

Wuf once told me the size of the deficit doesn't matter because they can always just print more money. I found that very enlightening, as I had no idea a country could generate wealth using a printing press. Too bad a lot of Africa hasn't figured that out yet, maybe they'd stop being such shithole countries.

Spoken by someone completely ignorant to how the world works. Do you think we still use a set amount of gold as a basis for how much money we have?

We can't print gold. But we can print money. And it's exactly what happens, it's called quantitative easing. It's why we ditched the gold standard in the first place, clever people realised that having a limit is, well, a limit. So we now have fiat currency, which is worth what people are willing to trade it for.

Africa can't just print money like America can. Why is that? Because no one gives a fuck about African currencies. If Eritrea suddenly decided to double the amount of currency in circulation, then the cost of their imports would double, and as such the consumer would pay double for everything that isn't made in Eritrea. Such as oil. Which means even things made in Eritrea would increase in cost, because oil is important. So... there would be no benefit to Eritrea in increasing the money supply, unless their aim is to deliberately devalue their currency to make Eritrean goods more appealing to exporters.

America can do it because people give a fuck about the dollar, it's the currency that determines the effective value of all other currencies. What happens when USA prints money is that America stays as wealthy as it did before, but every other nation in the world becomes poorer. All those dollars that countries have in reserve, and it's an imperial fuck ton, becomes less valuable, which hurts the nations holding that currency more than it hurts USA. Then now can't buy as much oil with it. But USA doesn't care because USA has all the dollars it wants. China can't print dollars.

And people say Trump isn't a genius.

He's more honest than you're used to a President being, and it's shocked you.

[Poopadoop]

Spoken by someone completely ignorant to how the world works.

Lol look who's talking.

Rambling nonsense about economics from someone who knows fuck all about it.

I'll give you credit; that's a wall of bullshit banana would be proud of.

He's more honest than you're used to a President being, and it's shocked you.

It shocked Cohn, that's for sure.