How democratizing our monetary policy can create millions of jobs....without raising the debt or inflation.
Since corporations aren’t creating enough jobs to address our chronic unemployment crisis, the public sector must fill the void. A major impediment to funding any federal jobs program, however, is that the cost would add to the ever-rising federal debt.
A congressional bill, the National Emergency Employment Defense (NEED) Act, was just introduced that would spend US created money into circulation to exclusively fund the repair of our crumbling infrastructure and education systems. Seven million US jobs would be created.
Why borrow money from banks (which create money as debt) that need to be repaid with interest when We the People can create money interest-free, as stipulated in Art 1, Sec 8 of the Constitution?
The NEED Act, introduced by Rep. Dennis Kucinich, wouldn’t be inflationary since the amount of created US money would match the amount of created physical wealth.
The NEED Act would also end the bank practice of creating money as debt via loans (to both individuals and the government) and loaning money many times in excess of their reserves.
Thank Rep. Kucinich for his sponsorship of this urgent bill and encourage every other area US Representative and Ohio Senators Brown and Portman to support it.