While I agree with most of the complaints the author presents, I also object to the fact that public purpose spending is equated to the ability to tax the wealthy. That is a falsehood that has been the primary weapon of their war on the middle class for decades and it explains why so many of the potential targets of the economic policy support their own demise.

Since Reagan first blamed the government for America’s ills this false equation of taxation with revenue at the federal level has severely limited our ability to provide needed infrastructure and support to the citizens, leaving them to drift alone on the whims of the stock market and monetary policy. It wasn’t meant to be that way, as the founders made it very clear that “public welfare” is the responsibility of Congress and that only it has the authority to “coin” the currency. (Article 1: Section 8)

A monetarily sovereign state that creates its own fiat currency can never “go broke” or fail to pay any obligation denominated in the currency it creates at will. Such a state has no need for revenue and, in fact, must create the currency first before it is available to be borrowed or collected in taxation. One simply cannot borrow or collect what doesn’t yet exist and any such collection is destroyed immediately by the debt that it was created from as a first order of accounting.