History Made
In March of 2008 there was an historic hearing in the Minnesota House and Senate. The Minnesota Transportation Act (MTA), in the form of HF 619 and SF 500, would fund the rebuilding of bridges and roads in Minnesota using Transportation Certificates, in lieu of bonds, or increased taxes.
This is a robust, wealth based concept, with newly created money from State Chartered Banks flowing into the economy. New money flows from the Bank, to the State of Minnesota, that pays the Contractor to build the roads and then pays the Workers - they continue the movement of the new money into wider circulation:
- debt free
- interest free
- inflation free
- tax free
The State Chartered Banks create the money the same way they do it now - electronically.
Creation of the new money is limited by production and the infrastructure supports the new money, so it is inflation free.
It is not a loan, so it is debt and interest free, bringing down the cost of production.
Because the State no longer needs to tax for bridges and roads, the fuel tax can be eliminated and Minnesota property taxes get immediately reduced. Again, the cost of production drops.
Jobs will be created. A boom in Minnesota's technology sector will occur as we build infrastructure that is more gentle on the environment. Innovation, investment and savings will be the result.
The public gets safer, modern roads and bridges with which to conduct commerce.
- Banks win - lower default rate, increased liquidity and a tax break
- Minnesota government wins - balanced budgets, national leadership
- The people win - lower taxes and prices, plus safer bridges and roads
- The US wins - Minnesota paves the way into a new era of prosperity
There is a glitch in the system that we use to finance infrastructure; the MTA will fix it.
Learn about the MTA and become part of history!
