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Executive Summary

It is common to assert that the US government must go into debt to fund deficits.
This is ludicrous and illustrates a lack of understanding of the government’s ability to create money.

Introduction
The myth of how the government funds itself with debt provided in the following quotation.
“You’re not likely to be shocked to learn that the United States government doesn’t have enough dough on hand to pay its bills. Taxes just can’t cover their various obligations, and simply printing the money would lead to out of control inflation. It has to borrow …

… the Fed cannot end the crisis by raising rates, which only raises interest costs further.”
Source: CATO Institute
https://www.cato.org/commentary/our-national-debt-denial
Comparing Greece to the US is a ridiculous comparison because Greece is an EU member country. By joining the EU, Greece lost its ability to create or control its currency. The EU can remotely control Greece into doing a number of bad things for Greece. However, the US is not of the EU and did not hand over its ability to create its own currency.
Secondly, the US does not have to …

Executive Summary

Federal spending is often decried as taking money from the public.
Federal spending increases savings in private hands.

Introduction
The following quotation asserts that deficits add to the savings of taxpayers.
“Simply put, government deficits ADD to our savings (to the penny). This is an accounting fact, not theory or philosophy. There is no dispute. It is basic national income accounting. For example, if the government deficit last year was $1 trillion, it means that the net increase in savings of financial assets for everyone else combined was exactly, to the penny, $1 trillion. (For those who took …