Submitted by otter_spud t3_ye2buh in Connecticut
Form684 t1_itxqwpv wrote
Reply to comment by Time_Yam301 in How can we incentivize real discussions around solutions to home affordability in CT? by otter_spud
Unfortunately, GDP and the federal government budget are vastly different. The government brings in around 2-3 Trillion a year and spends about more or less. 750 Billion is about our military budget per year.
Time_Yam301 t1_ity4m4c wrote
No, they aren't. The Congress of the most powerful nation in history is not a household. All United States Dollars in existence were created by Congress or by lending institutions granted the power to create United States Dollars as bank credit.
Why would Congress need to "bring in" numbers in a computer that it created?
Congress creates and allocates capital, which is the result of being granted the power "to coin Money, regulate the value thereof, and of foreign Coins".
This means only Congress has the power to create money, define the value however it sees fit, and establish exchange rates the same.
Congress has no need to tax in order to spend - see the Revolutionary War, Greenbacks of the Civil war, and so on and so on.
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