…ced by Article 1: Section 8 that mandates Congress to “coin” it as needed for the “common welfare”. The federal government can afford anything that is available for sale and priced in US dollars, regardless of its revenue. At the macro-level e…
Yes, the federal government can afford ANYTHING…until it cannot. Most of this discussion would seem to be getting into the nuances of the ramifications of being a reserve currency, the role of central banks and whether negative interest rates are sustainable. The printing of money and the actions of central banks among other issues all add layers of complexity to this situation. Despite the “unlimited” nature of a fiat currency outside factors will limit it “eventually”. When is that moment nobody can be sure, but I write about that moment here and I write about my own dismay at the current state of affairs as well as the “beauty of paper money”.
However, all this seems rather tangential to my basic premises here in this essay:
1] Social Security is SOCIALISM by any measure.
2] Social Security is a well-loved program.
3] Changes in Social Security in the eighties have helped create income inequality.
4] Social Security can be afforded rather easily.