--- title: "1 People Economy Quotes By Michael Hudson" description: "1 People Economy quotes by Michael Hudson. Plus more from Michael Hudson and more People Economy sayings from other authors." image: "https://sms4smile.com/quotes/i/1e1/michael-hudson-2134_economy_so-what-people-are-actually-left-with-to_2455485.png" --- > [So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after paying taxes and after paying the FIRE sector (Finance, Insurance, Real Estate). Whether it's housing insurance or mortgage…](https://sms4smile.com/quotes/michael-hudson/so-what-people-are-actually-left-with-to-spend-is-maybe-25-to-30-of/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/1e1/michael-hudson-2134_economy_so-what-people-are-actually-left-with-to_2455485.png) ## More by Michael Hudson > [Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the…](https://sms4smile.com/quotes/michael-hudson/europe-is-creating-the-flight-of-refugees-that-s-tearing-it-apart/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in…](https://sms4smile.com/quotes/michael-hudson/this-is-not-really-currency-that-circulates-it-s-like-the-old-joke/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.](https://sms4smile.com/quotes/michael-hudson/nobody-prefers-to-earn-income-any-more-because-that-s-taxable-rich/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Nothing could be better for the economy than to get rid of fracking.](https://sms4smile.com/quotes/michael-hudson/nothing-could-be-better-for-the-economy-than-to-get-rid-of-fracking/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [If you end internet neutrality and permit mergers of the big information technology corporations, that's a form of rent seeking. It's part of today's…](https://sms4smile.com/quotes/michael-hudson/if-you-end-internet-neutrality-and-permit-mergers-of-the-big/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening…](https://sms4smile.com/quotes/michael-hudson/deflation-means-a-slowdown-of-income-growth-markets-shrink-new/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [What's bad for the frackers usually is good for the rest of the world.](https://sms4smile.com/quotes/michael-hudson/what-s-bad-for-the-frackers-usually-is-good-for-the-rest-of-the-world/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [You could say that the vote to withdraw from Europe is, it's really a vote of the British middle class, the working class, to…](https://sms4smile.com/quotes/michael-hudson/you-could-say-that-the-vote-to-withdraw-from-europe-is-it-s-really-a/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Actually, high housing prices don't help the economy. They raise the cost of living.](https://sms4smile.com/quotes/michael-hudson/actually-high-housing-prices-don-t-help-the-economy-they-raise-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are…](https://sms4smile.com/quotes/michael-hudson/when-economists-speak-of-money-they-neglect-that-all-money-and-credit/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their…](https://sms4smile.com/quotes/michael-hudson/the-united-states-and-europe-are-in-a-state-of-debt-deflation-where/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top…](https://sms4smile.com/quotes/michael-hudson/on-the-flat-tax-the-more-you-compress-the-tax-rates-the-more-you/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.…](https://sms4smile.com/quotes/michael-hudson/income-is-sucked-upward-to-the-creditors-who-then-foreclose-on-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking…](https://sms4smile.com/quotes/michael-hudson/debtor-countries-may-postpone-the-inevitable-by-borrowing-from-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't…](https://sms4smile.com/quotes/michael-hudson/no-price-is-too-high-to-pay-to-try-to-make-the-financial-system-go-on/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/people-economy/michael-hudson/#itemlist", "name": "1 People Economy Quotes By Michael Hudson", "numberOfItems": 1, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after paying taxes and after paying the FIRE sector (Finance, Insurance, Real Estate). Whether it's housing insurance or mortgage insurance. So there's an idea of distracting people. Don't think of your condition. Think of how the overall economy is doing. But don't think of the economy as an overall unit. 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