No one has the slightest intention of ever paying back the debt. Just do the math and you’ll see that it’s already mathematically impossible to pay it back. The plan is to just keep borrowing as long as fools are willing to lend and pay only interest on the debt by printing money. According to Magic Money Theory the sky’s the limit.
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The US government has no intention of ever paying the debt. Like you said, it’s now mathematically impossible. But the American people are going to pay for it one way or another.
I believe in MMT about as much as I believe in the Tooth Fairy.
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How? Returns aren’t accepted until mid-February this year.
According to this:
Even though you can prepare your return through the IRS’ Free File program, a tax software company or a tax professional before February 12, the IRS won’t process the return until that date. (The Free File program is already open.)
You can file early. But it won’t be processed until February. I just like getting things done. This way I’m also hopefully at the head of the line so I don’t have to wait so long for my return.
If you apply MMT to cryptocurrency who or what would the anchor be?
It’s either inflation hedge or the tooth fairy.
Satoshi Nakamoto?
It’s debt as % of GDP that matters.
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Yea for America it’s pretty high, and climbing.
If people lose confidence in the US dollar it will show, but it hasn’t. It’s nice to have your fiscal house in order like Taiwan does but not necessary.
So I want to know what tax software you are using? I used tax slayer and turbotax and both of them will charge you if you include any foreign earned incomes (I guess the forms are not included in the free edition).
So do most of you just pay up?
…not sure I follow. Might you write that another way?
one trick is to use an online service all the way to the end, but don’t pay. Just to see which forms are being filled out, which deductions you qualify for, etc. Then print the forms for free from irs.gov, fill them out on your own, and mail it in.
Or just pay $20 for using an online service and be done with it. I don’t mind paying.
Mailing your tax return in order to qualify for a stimulus payment is a bad idea. The backlog of unprocessed paper returns is huge so you’ll be waiting a long time to get into the system.
Indeed.
Debt-to-GDP U.S.
2021: 125%
2022: 122%
2023: 122%
Taiwan:
2021: 34%
2022: 31%
2023: 31%
According to the World Bank a debt-to-gdp ratio up to 77% is sustainable. Anything over robs growth and ensnares an economy in a debt trap.
IDK…I filed an amended paper return in 2020. It cleared, was approved within 30 days. IRS even mailed a confirmation letter to me here in Taiwan.
I’d still efile when possible though.
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That doesn’t apply to the US. The World Bank’s focus is on poor countries.
US debt is all denominated in its own currency.
If you’re Argentina or Brazil if your currency loses value you’re hosed.
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The question though, is if I could just claim US self employed income instead… but it seems like most tax software only allow free file if it’s traditional W2 income.
The website says my second stimulus check was scheduled to be mailed on January 6, but I still haven’t received it. I have no idea why they couldn’t just direct deposit it like they did with the first one.
Here’s the thing about science: It doesn’t require you to “believe in it” for it to exist. It’s not religion.
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Did you select to have it deposited?
And also mail from the US is slow. I just received the christmas card like 2 days ago.
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