Jun 16, 2022
Taxes haven't paid for a single government benefit or program since FDR took us off the gold standard domestically in '34. In fact, a New York Fed president, Beardsley Ruml, wrote a paper titled "Taxation For Revenue Is Obsolete" in '45 but we continued with business as usual and still don't understand federal finance for a currency-issuing government with a sovereign fiat currency.