3d • General discussion
New video is up!
State governments bank at private banks. When they overspend, they borrow, and that debt compounds just like household debt.
Federal governments bank at the central bank. When they spend more than they tax, they create fiat money that flows into the economy.
Completely different mechanics. So why is California trying to fix a federal funding cut with a state tax? 🫤
Steve breaks this down in his latest video using Ravel©, showing what actually happens when you increase federal transfers instead. Spoiler: the state deficit vanishes and federal debt does NOT explode 🔥
He also walks through why the workers' share of GDP dropped from 64% to 58% in barely a decade, and what the monetary system has to do with it.
Check it out here : https://www.youtube.com/watch?v=Ufn_Z2RqI_c&views
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New video is up!
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