BurghMark21 (5297)
Joined 2018-07-08
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Rich and Poor in politics
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0 ups, 8m
Join Real Progressives on Facebook, Twitter, and YouTube. They have been singular advocates of Modern Monetary Theory for years. Most non-econs, like me, were introduced to what is described by MMT analysis through Real Progressives. Their social media sites are full of source materials and videos of MMT economists. RP, also, livestreams many interviews with politicians and economists. Prior to the last Mid-Term election, one of our members we refer to as Savage Joy interviewed over a hundred candidates, state & federal, from across the country. Learning what is described by MMT is used as a lens to cut through the BS and misinformation that prevents Progressive plans, and that knowledge allows us to vet better candidates who will actually legislate for all constituents and not just the few. I should mention that during and after her interview with Savage Joy, Alexandria Ocasio-Cortez was intrigued enough by our MMT-based questions and comments that she learned the basics of the subject she had heard about but not fully understood. As we all have seen, her passion for the people + MMT knowledge is a deadly combination, and she has weaponized that knowledge to use like Kryptonite against Neoliberal oppression.
Unemployment line in fun
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1 up, 8m
Exactly. Even though the jobs in a Job Guarantee would not compete with those of private employers, the fact that a worker could leave a bad workplace in the morning and enter the JG that afternoon forces bad employers to step up. It, also, means that those stuck in blighted communities could pack up and leave for better communities knowing that employment and a livable wage + benefits is waiting wherever they choose to live. https://www.pavlina-tcherneva.net/job-guarantee-faq
no money in fun
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0 ups, 8m
I pray they do not. A Federal deficit is a difference between the dollars spent into the economy by the Govt less the dollars removed by federal taxation in a given year. Typically, the Govt leaves more dollars in the economy that it removes. On a balance sheet, as the issuer of the dollar, the Govt is in "deficit." But, the dollars left in the economy become the "surplus," or profit, of the economy. IOW, if $100 is spent into the economy in a year and taxes out $70, the $30 is being saved somewhere in the economy. A Federal balanced budget would mean that $100 dollars were spent into the economy and at the end of the year, $100 was taxed out. That leaves $0 dollars for the use of those in the economy. That's why the guy with the empty wallet in the meme is crying. BTW, in the US, 7 times the Federal Govt has been in surplus or balanced in its history. Each of those times was shortly followed by a great recession and depression. The economy runs on dollars, and cannot sustain itself without them.
Rich and Poor in politics
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0 ups, 8m
As the sole issuer of the US dollar on this planet, the US Govt's "debt" is not a real debt and doesn't have the same meaning as it would to you & me. Only presenting half of the double-entry accounting equation has been done to purposely mislead the populace. As the creator/issuer of the dollar, the Federal Govt is in "debt" to itself. But, that means that there is a surplus or profit to someone else. Since new US dollars are exclusively created each time a bill enacted by Congress to purchase goods & services from the private sector (anyone not the Federal Govt) is paid, the private sector (think you & I) profits. If you look at that fearmongering National Debt Clock, what is shown are the total number of dollars spent into existence from Day 1 y the US Govt's perspective. But, seen from our perspective as the recipients of those dollars, the "clock's" numbers show the National Asset. Regarding the quote from Stephanie Kelton, it was in response to Paul Krugman's dying gasp to discredit Modern Monetary Theory supporters on behalf of the establishment that pays him to do so. I'll link you to the article, but first, know that monetary policy has been delegated to the Federal Reserve Bank by Congress that primarily consists of maintaining overnight interest rates for interbank lending. Fiscal policy is the responsibility of Congress and uses taxes to influence the total demand for goods & services. IOW, taxing more dollars from the economy leaves fewer for our use and taxing less allows more $ for our spending. https://www.bloomberg.com/opinion/articles/2019-03-01/paul-krugman-s-four-questions-about-mmt
congresswomen in politics
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0 ups, 11m
I should have included, Mike Pence forced to hold a Quron to swear them in.
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