TAX CUTS FOR THE RICH AND FLOAT DRIED UP MONEY SUPPLY
When the rich get tax cuts, they don’t put it under their mattress; but what they do with it has the same effect. They store it as bytes on computer chips. They don’t spend the money that’s needed to moves goods and services.
The efficiency of the clearing houses for financial institutions has dried up trillions of dollars in float. You can’t beat a check to the bank any more. Debit cards, paying bills on line, buying on the internet with Pay Pal and the many other ways that money can instantly be taken out of bank accounts has dried up the money supply. When you could beat a local check to the bank and when it took an out of town check ten days to clear the bank, there were billions of dollars that could be spent by the depositors and billions that could be loaned out by the banks. WHERE ARE THE ECONOMISTS?