Oddbean new post about login | logout Yeah, but it's a lie. Republican tax cuts overwhelmingly benefit the wealthy at the expense of the middle class. And these tax cuts ultimately drive up the national debt. Trump added $8 trillion to our debt with his last tax cuts. It might look good on paper if you don't understand macroeconomics, but that increased debt will become the burden of our children and grandchildren. And for what? To put more money into the pockets of the wealthy.
Bitcoin inverses this, middle class is free to buy it before the wealthy do and profit from it by saving in it
Ok, but bitcoin is irrelevant to the matter of tax cuts that add trillions of dollars to the national debt, at the expense of the middle class, for the benefit of the wealthy and large corporations. People should definitely start investing in bitcoin, but that's not a solution to the fundamental problem with these tax cuts. People hear "tax cut" and they think it will benefit them. They don't read the fine print and discover that 80%+ of these tax cuts will go straight into the pockets of the wealthy while adding trillions to the nation's debt. Money that their grandchildren will be saddled with. Republican tax cuts are a scam intended redistribute wealth from the middle class to the wealthy.
You have to cut spending as well. Bitcoin makes wasteful spending a lot more difficult. It forces efficiency.
Or we could just not pass another ridiculous tax cut bill that pumps more money into the pockets of the wealthy, at the expense of working and middle class.
Yes but what you're talking about has nothing to do with these tax cuts and their consequences. Buying bitcoin doesn't negate the trillions of dollars these cuts add to the national debt, or the consequences felt by working and middle class.
Bitcoin is a secular system, more money printing is good for Bitcoin. While those Fiat spendings force everyone to become an investor the average pleb is able for the first time to save in a g'sound money to circumvent those negative effects and instead profit from the insane money creation. The entire Fiat System is build in a way to facilitate this exact outcome you are describing, it is fundamentally flawed and just better disguised under democrat rule
Damned if you do, damned if you don’t. This is why we need drastic trimming of spending and overall size of the govt.
And of course the first targets of these spending cuts will be programs that help the poor and middle-class. They won't dare to cut anything that moves more wealth into the pockets of the wealthy. They'll say, we need to cut spending so we have to get rid of healthcare, and education, and programs that help regular people. Meanwhile, we give the wealthy another tax cut. Because God forbid billionaires have to pay a fraction of their fair share.
This is victim blaming. Robbing me less doesn't make out of control spending my fault. Spending, by the way, that is mostly social programs for people who aren't wealthy. Something like 37% of taxes collected come from 1% of Americans. But yeah, it's their fault.
The biggest financial enemy of the middle class is their own spending. You could cut their tax rate to zero and they'd just buy bigger houses, newer cars, and a camper or some other shit they put on credit because they can't afford it. You could tax the wealthy at 100% and still not keep this ship afloat. Scapegoating wealthy people and lionizing the poor and middle class is a tired and pathetic story.