Message from discussion MONEY FROM NOTHING creates inflation.
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Date: Fri, 25 May 2012 16:49:04 -0500
From: jim <"sjedgingN0Sp"@m@mwt,net>
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Subject: Re: MONEY FROM NOTHING creates inflation.
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>> >> Borrowing makes money loose and then tight as it has to be paid back.
> >> When government does it, it is in essence a deferred tax.
> > No it isn't. No taxpayer paid a dime of the money
> > the federal govt borrowed during WW2.
> > The question is why do you want people o believe that
> > which all the evidence shows is not true?
> So far all I see is evidence that what you said is NOT true.
The federal debt at the end of WW2 was 271 billion
By 1965 the federal debt had grown to 320 billion
by 1975 the federal debt was 540 billion
No taxpayer ever paid a dime to pay down
the federal debt that was created during WW2.
Last year federal taxes were 15% of Gross National Income
In 2010 taxes were 14.8% of National income.
You have to go all the way back to 1950 to find
the last year that taxes were less than 15% of
national income. When Reagan was president taxes were
18% of national income. That is 20% higher than now.