Progressive Politics

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TokenBoomer@lemmy.world

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Mamdani balanced the NYC budget (lemmy.zip)

submitted 6 days ago by favoredponcho@lemmy.zip to c/progressivepolitics@lemmy.world

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[–] bss03@infosec.pub 3 points 5 days ago* (last edited 5 days ago) (1 children)

Federal government deficit spending works because the state holds the monopoly on violence and if you don’t pay taxes denominated in the state’s currency you go to jail, so everyone needs such currency.

That a related, but separate issue. That's how taxes work at all, whether the government is doing deficit spending, the budget is in balance, or there is a budget surplus.

[–] Riverside@reddthat.com 0 points 5 days ago

But it is taxation that gives value to currency in developed countries. If it was purely economic, people would indistinctly pay with $USD in the EU and with Euros in the USA.