Your Taxes Pay for Nothing

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Information Your Taxes Pay for Nothing

Title	:	Your Taxes Pay for Nothing
Lasting	:	5.17
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Thanks for watching! Like and subscribe if you enjoyed this videobrIf you like what we're doing please consider donating to us over on Patreon wwwpatreoncom/PEGSInstitutebror come chat to us on Twitter twittercom/PEGSInstitutebrWe're going to be releasing more videos covering economics and other topics, but the more we do the more work it takes to make sure the information is accurate and videos are always improving so any support or feedback is always welcome
Comment from : PEGS Institute

When one sees their nation's GDP outpaced by their nation's debt, they may rest assured their taxes pay for nothing, that all government projects are paid for with borrowed funds, further increasing debtbrbrAnd who is obligated to repay these loans? Obviously not the wealthy politicians who accrued them, on behalf of Us, the People br brIf only money worked the same for everyone, no one would have to work again br brWe'd be free at last 🙂brbrAlas
Comment from : A Glimmer of Hope

Love your channel bro brbrIf the government can create money from thin air than why do we bail out corporations through taxes and by simply creating a deficit (government spending)?
Comment from : Sean OCallaghan

great video! I have a question I live in the US and since our government creates it own currency could they fund something reparations hypothetically? and if they did would that cause inflation?
Comment from : Truth-in-the-Universe

Taxes dont give a value to a currency Stupid bs
Comment from : Marcel0FF

I don't think the system works radically different for the Eurozone does it? The euro is not a foreign currency but controlled by the EU member states themselves The EU thus acts as a sovereign pseudo-federation which prints and taxes its own currency, albeit with an extra layer for now
Comment from : Я

Modern Monetary Theory May be right, may not be
Comment from : xkidmidnightx

State taxes, OTOH, are spent on government expenditures
Comment from : Michael F

FINALLY, a correct analysis of what money is, and what taxes are for
Comment from : Jeffrey Wenger

Money creation does not cause inflation
Comment from : The Devil

I am absolutely mind blown and I have no idea why this YouTube channel hasn’t blown up Amazing job
Comment from : Patrick Gallagher

Excellent video!
Comment from : J Neff

Want to see what happens when a currency has no inherent demand built into it via taxation, look at crypto Its value is driven exclusively by the idea that it will continue to rise in value, which is what the very few people who own most of it want you to believe - so you buy more and drive the price of itheir/i holdings up When it is revealed that it won't go up forever, it drops like a rock Bitcoin is down more than 52 YTD as of this writing What kind of currency loses imore than half/i of its value in less than 8 months? That is not a currency any rational person would ever find value in beyond pure speculation
Comment from : Elon Musk Sells Snake Oil

So, the federal government should be the one to pay for healthcare, education, public transportation, and other social goods This would allow low income cities and counties to afford quality services without putting too much pressure on the people
Comment from : Suadela

Second Thought mentioned you!
Comment from : 1Dime

MMT is the best way to promote socialist ideas :)
Comment from : Faloters Hammer

I never knew this! thanks for enlighting me!
Comment from : Iman-Ali Beg

Guys don't listen to this There are lots of oversimplifications and gross misunderstandings here, put together with some facts which makes it sounds somewhat believable Central banks do have these powers, but the explanations of how they operate are wrong
Comment from : Karl

Thank you for doing this Excellent video! Very clear and to the point I would suggest adding “Federal” taxes to the title, since states and local municipalities are dependent upon taxes to pay for things because (as another person commented) unlike the federal government, they don’t have the ability to issue currency
Comment from : Seabreeze

Not sure about the first inflation argument (money supply causes inflation) Also did not mention that taxation can be used to create a more equal society and limit corruption and immunity to legal conseequences Nice otherwise though
Comment from : Penelope Vos

So TL;DW: your taxes aren't itechnically/i used to pay for government services, but for pretty much all intents and purposes your taxes do pay for those services they just aren't the ionly/i thing paying those services
Comment from : Tom Smith

Great job keep up spreading the truth
Comment from : Sam Kolasinac

The government's power to create money IS limited, by the risk of inflation
Comment from : D R Lindberg

very good video! 3:38-4:11 is CRUCIAL to understanding inflation and price increases
Comment from : Ryan Lacroix

Could the government just not tax and through some chicaneries achieve the same end?
Comment from : Penny Newhook

Great job! Clear, concise, and barely over 5 minutes : )
Comment from : Whats Left? News & analysis w/J Snow

Correct me if I am wrong, but I thought this is how it works:brFed prints money, loans to government, government spends, our taxes pay back the spendingbrbrWhile yes you are correct, our taxes don't directly pay for things, they pay back the loan brWe run on a debt based system, hence why taxes are done at the end of the year, to pay back the year of spending our governments just didbrWhile in Australia we have a PAYG system because our government can't wait to get their grimy mits on our money 😂
Comment from : Ben

You should add more clarification that this only applies to the federal government (or any government that can create money) You mention it at the beginning of the video, but the end just uses the word "government" City and state governments must still raise taxes for spending because they can't issue new currency
Comment from : Brendan Benson

I prefer to think of your tax money as being reincarnated in government spending—not necessarily in the same denominations, but not a constant creation and destruction of "new" valuebrI'm not sure if I like that thought process because it puts additional emphasis on the balance between spending and taxes, which is what ultimately controls the supply of money, or if I just dislike the idea of value being created and destroyed iex nihilo/i
Comment from : Timothy McLean