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TokenBoomer@lemmy.world

Are American tax dollars a fraud? (sh.itjust.works)

submitted 3 days ago by bridgeenjoyer@sh.itjust.works to c/progressivepolitics@lemmy.world

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Recently heard someone trying to tell me that the government doesnt need a penny of our taxes, they just print the money they need and all tax is a complete scam. He is 100% in belief of this.

I hate taxes too (when they go towards wars), but is this actually true? He mostly gets his ideas from Facebook and x. So yeah.

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[–] dual_sport_dork@lemmy.world 7 points 3 days ago (2 children)

"Just printing money" to cover a government's operational expenses is an express ticket to rampant hyperinflation that devalues said currency very quickly. Various cut-rate regimes all over the world have tried that tactic many times throughout history and it's always wound up with the same result.

So needless to say, as insane as the current monetary policy in the US may or may not be, that's certainly not how it works now.

[–] Thedogdrinkscoffee@lemmy.ca 1 points 3 days ago* (last edited 3 days ago) (1 children)

Don't be so sure. The US is inflating their currency in addition to accumulating ungodly levels of debt. The US as the defacto reserve currency gave them a unique position where using that tired old trick works because they are spreading their inflation thinly around the world including black markets and oil trades etc... because of this they can easily get away with some degree of printing money.

[–] AA5B@lemmy.world 2 points 3 days ago

… until chaotic and self-destructive policy, attacking your allies and trading partners causes the world to reevaluate that. Our special protection could end pretty quickly, cascading into an impressive crash