Thought for the Day
Posted in Economy by Steven Hayward
So I'm reading a lot of old material in preparation for this lecture in about ten days
, and this fragment from Albert J. Beveridge in 1898 caught my eye:
If the Government can make money with a stamp, why does the Government borrow money? If the Government can create value out of nothing, why not abolish all taxation?
Someone ought to put these questions to Robert Gibbs at his next daily press briefing, and watch hilarity ensure.
2:21 PM / December 30, 2010
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Gibbs?? Please... he's an empty suit.
Ask Paul Krugman - and brace yourself for the smackdown.
Unfortunately, the government no longer makes money from a stamp - otherwise the USPS would be a profit center. And if you want a real kicker, the current cost to mint a penny is between 2 and 3 cents.
Hence, the govenment borrows money.