Morgan Luttrell: Deficit Hypocrite

The Oxford Languages Dictionary defines "hypocrite" as "one who indulges in hypocrisy", which is "the practice of claiming to have moral standards or beliefs to which one's own behavior does not conform".

Yep, I'd say that accurately describes Congressman Luttrell, especially with regard to fiscal deficits. Just go to his website, where he vows to get "our fiscal house in order".

But think about this: On the one hand, he says he's against deficit spending; on the other hand, he's just voted for that big, ugly bill that you've heard so much about. The one that has BIG tax cuts for corporations and extremely wealthy people. The one that ADDS to the fiscal deficit and INCREASES the national debt.

I have a different outlook on our debt and deficit:

1. Always remember: The US Government has a MONOPOLY power to issue currency (according to the US Constitution, Article 1, Sections 8 and 10).

   
   

   That means our US Government has the exclusive right to manufacture dollars, and it does so whenever it spends. State governments cannot create dollars; banks can't; and you and I sure as heck can't!

   
   

   The federal government spends, taxes, and borrows in dollars. The value of the dollar is not tied to anything we could run out of. President Roosevelt took us off the gold standard in 1933, meaning that gold no longer backs up the dollar (nor does any other tangible asset).

   
   

2. Conclusion? The US Government cannot run out of dollars! Unlike a household or business, it can never go broke. EVER. Setting aside the self-imposed debt limit, our government can always meet financial obligations as they come due.

   
   

3. We have a deficit because "Uncle Sam" puts more dollars into the private sector than it claws back in the form of taxes, fines, and fees. 

   
   

   The amount of this excess is getting way larger than the total value of everything that is for sale. With all that purchasing power sloshing around, prices increase in every market, as buyers compete with each other to purchase available goods and services.

   
   

4. To drain off the extra purchasing power, our government sells Treasury securities, but the people who loan out their money expect to receive interest payments. All of that interest money goes right back into the private sector, where it adds to INFLATION. Suddenly, we're right back to where we started, only we've made the problem worse.

   
   

5. Morgan Luttrell knows that Congress has only a limited ability to trim or eliminate government spending, but he won't vote to drain off excess purchasing power. In other words: He refuses to increase taxes on extremely wealthy people and big corporations.

   
   
   
   

So what did he do?

Mr. Conservative Dude from District 8 voted FOR the big, ugly bill.

Like I said: He's a hypocrite.