from the department of not actually spam
I browse with graphics off, so I hate wasting an upload of a picture*, so here it is in my own journal.
"...federal taxes function to regulate demand, and federal borrowing functions to support interest rates, with neither functioning to raise revenue per se. In other words, operationally, federal spending is not revenue constrained. All constraints are necessarily self imposed and political. And everyone in Fed operations knows it."
*The connection between those clauses is probably a short circuit of some kind, but I don't care.
"...federal taxes function to regulate demand, and federal borrowing functions to support interest rates, with neither functioning to raise revenue per se. In other words, operationally, federal spending is not revenue constrained. All constraints are necessarily self imposed and political. And everyone in Fed operations knows it."
*The connection between those clauses is probably a short circuit of some kind, but I don't care.