Political Systems Seen As Restaurant Business Models. My Choice: The Cover-Charge Society
DavidGrace
51

Great minds think (somewhat) alike? I just penned an article this morning covering very similar topics and focused on AI replacing jobs very shortly.

To balance the system, the government will need to tax those higher profits to get the money to replace the lost jobs.

This is the one place I diverge from your logic, simply because the math doesn’t work and the very threat of taxing profits to fund anything elicits some very well funded and dedicated resistance. Taxing profits, or wealth, even at 100% doesn’t pay the bill. The right has a few things correct and this is one of them. Some mechanism other than taxation must be utilized to accomplish such lofty goals as you suggested.

Luckily, that mechanism is already in place and being used, but for different purposes. Our nation’s currency is sovereign, meaning that it is not pinned to any commodity (gold) or any fixed exchange rate to another currency. The founders had the foresight to bestow on congress the sole authority to create the currency, and as long as the spending and debt are denominated in that currency the government can never go broke or fail to pay any obligation it wishes to. This frees up a tremendous, as in unlimited, amount of space for our fiscal policy, if we can simply convince congress to use it for the best interest of the people as they do when they want to wage war.

As an advocate for a guaranteed job program you really owe it to yourself to search out and get to know Modern Monetary Theory that is gaining ground fast among economists and educators. If we don’t break down the barriers in this generation and begin sane economic policies the next generation surely will. Once you understand that this is not a “proposed” policy or change to proceduare, but a simple explanation of how our current system of funding government and the economy works, you see just how misguided our current leadership really is and just how badly it is damaging our nation.

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