McConnel is the GOP’s frontman for protecting the grand lie that produces deadly levels of austerity and protects the elite donor class. That lie is that the federal government, as the monopoly issuer of a sovereign fiat currency, functions by the same rules as households and non-currency issuing entities.

The truth, if widely known, would prompt politicians to support much more generous levels of spending that would relieve states from much of the burden they now carry, relieving taxpayers at the same time. The US dollar is self-funding, not dependent upon federal revenue. In fact, spending dollars into existence is a prerequisite to both taxation and borrowing and creates no obligation to taxpayers. One simply cannot collect or borrow what doesn’t yet exist, so neither are “funding” mechanisms for the federal government.

Simply stated, this means that the federal government, even in the absence of revenue, can “afford” anything that is available and priced in the dollars it creates at will. States are “users” of the currency, as are we, and do not have the luxury of such readily available funding of their spending. They must rely on taxpayers to fund their services. This is why the anti-government GOP has conducted such a strong campaign against federal spending that benefits the people in any way and will watch states go bankrupt before offering proof that any misery in America that could be mitigated with increased spending is entirely a political decision with no connection to economic realities.