The Senate bill also includes a provision intended to avert surprise tax bills for people who lost jobs, waiving federal income taxes for the first $10,200 of unemployment benefits received in 2020 for households earning under $150,000.”
—The New York Times
Isn’t that a curious concept from the front page of Re-set Central? How does a couple with no jobs and no income earn $150,000 in a year that they were not working? And if they somehow brought in $150,000 anyway, why do they need the support of the US government? Such are the many mysteries of the Coronavirus 2021 stimulus bill.
What’s actually going on with this monster of legislation? Kind of looks like an attempt to replace what used to be a national economy with something that pretends to be money conjured from a system pretending to tax itself on wealth that was never generated in the first place. In other words: politicians have achieved the final divorce of wealth from production, and thus economy from reality. The USA has become the Big Rock Candy Mountain.
Whatever else the Soviet experiment was, it was at least predicated on producing stuff, however defective the incentives turned out to be, or how shoddy the stuff was that got produced — and the system finally crashed anyway, because it was based on fantasies of human social behavior that just didn’t comport with reality. Now, the USA, in its own existential climax phase, seeks to re-do the Soviet experiment, only minus that feature of industrial production. Instead, our “wealth” gets generated from the banking system alone, and its subsidiary activities, such as hedge funds, arbitrages, dividends from companies with no earnings, and the fees for swapping digitized bundles of this-and-that. You understand that it’s all an illusion, right?