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Economic Deficit Theories Were Wrong, the Money Tree Exists
What if deficits and taxes are used to hold us hostage and there is an economic model capable of resolving all our issues?
The economic theories administered in the US, Australia, and the UK state a 3.5% to 4.5% unemployment rate is necessary for running an efficient economy. Sitting in high school econ class, even my dull teenage brain couldn’t fathom why an economic system requiring a percentage of people to suffer through unemployment was the ideal method. To wrap my head around the concepts, I took macro and microeconomics in university; consumers, markets, equilibrium, supply, demand, and a plethora of theories with their adjoining equations exhibited society’s behavior as it interacted in a game of Monopoly on steroids. The year I would enter the workforce as a professional was the year the global financial crisis (GFC) forced a crash course in economics realism.
Free market capitalism had failed, yet the US government bailed out the institutions responsible for the bankrupting and housing foreclosures of millions of Americans. The cruelty blew me away. Were the American people not worthy of a bailout, and why weren’t we considered the economy? Without us, there isn’t an economy. We do our consumerism duty, we obtain loans and credit, and we work, and we work, and we get ripped off. Sure, the financial system collapsing has far-reaching rippling effects and something had to be done, but what about the 10 million who lost their home, $12.8 trillion costs to the public, 23.1 million jobs lost, and 9.3 million left uninsured as a result of the deregulation and predatory lending? The financial market dusted itself off, refilled its glass of Chateau Lafite, and started afresh, but most Americans never regained their wealth.
Foolishly believing the GFC would be the worst economic crisis of our lives, we are bulldozed by a pandemic. Truth is truly stranger than fiction, and the enormity of the situation is unimaginable; how long will we live like this, what if I get Covid, how are we going to pay our bills…what does our future look like? It’s impossible to comprehend and ignore the magnitude of the calamity, yet there’s a large segment of the population going about their lives as if they’re…
