Last week, I received a note from the uber-talented Harry Shearer, who subscribes to The Lens. He was intrigued by my recent post How to Cut $2 Trillion in Federal Spending Without Breaking a Sweat, which looked at bond issuance and interest expenditure from an MMT perspective.
I finally got around to watching "Finding The Money" last night. I generally don't like documentaries -- I'd much rather read than watch a movie -- but this one had some truly priceless moments, especially those involving Jared Bernstein. Even though I enjoyed some hearty laughs at his expense, I wound up feeling just a wee bit sorry for him: I've actually had nightmares about being that utterly clueless in public. (Not long after becoming a lawyer many years ago, I had a dream in which I was summoned to appear before the United States Supreme Court. I had no idea why, but it was clear I had to show up. When I did, the Justices took turns reading aloud, to a packed courtroom, the answers I'd written to essay questions on the two bar exams I'd taken, mocking them mercilessly, and wondering incredulously how I'd managed to be admitted to the bar in Massachusetts and Connecticut (something that I've wondered about to this day.)
What is it about the best economy we have had in decades that demands the type of austerity programs that the unelected 'Director' Elon, of a fabricated agency is calling for? It isn't "government efficiency" to dismantle core safety nets -Soc Sec and Medicare, gut federal agencies, and fire civil servants under the guise of streamlining govt. This is a power grab in the guise of reform letting Elon and friends to consolidate control while destroying the safeguards of democracy....and the media seems to be normalizing this. He sits in on foreign policy meetings, puts in his two cents on cabinet picks and acts like tRump's cabinet member himself.
He puts on like he is some genius in econ with his econ degree, all the while claiming the economy is on the verge of BANKRUPTCY with its huge debt and our children and grandchildren are going to be stuck paying for it. What we are on the verge of following his playbook is economic collapse along with the destruction of democracy. This guy and his ilk and tRump and his ilk are leading us straight into fascism. They are greedy, power hungry sociopaths who care nothing about governing and taking care of peoples' needs and they are willing to do anything to get and keep control...revenge and even violence, if that is what it takes- send the military to put down protests, for example.
considering that Social Security has nothing to do with the deficit....it is paid for entirely by the workers who get the benefits... and that tax cuts do cause the federal deficit, it is obvious that the whole "government efficiency" program is just a Big Lie to cut or kill SS outright, while cutting other government to cut taxes for the very rich so they can buy more congressmen.
the "great big huge unfunded twenty trillion dollar deficit" in Social Security's own budget has nothing to do with the Federal budget. It is the amount necessary to pay for the longer life expectancy of future retirees...you...after they can no longer work or find work.
If you actually DO the math you find that for 200 million workers over seventy five years it can be paid for entirely by those workers raising their own payroll tax one tenth of one percent per year. that is one dollar per week per year while real wages go up ten dollars per week per year.
but you will hear nothing about this from the politicians or press or highly paid "non partisan experts." why?
I just listened to Shearer's podcast. Thank you, Dr. Kelton, for your illuminating remarks on the realities of the Fed's interest rates. And kudos to Mr. Shearer for asking good questions and then stepping back to give you space to answer fully.
Not sure I followed the argument in the podcast to protect the poor. If the FED raises interest rates to bring down inflation, then lowering it presumably encourages inflation. So why is that helpful to the poor end of town? Isn't that what the cost of living crisis means (high inflation eroding purchasing power)? Or is it simply hoping that the billionaires looking to cut federal spending won't want to both lower govt interest expense and cut social programs (as well as defence, justice, and everything else the state provides.)
considering that Social Security has nothing to do with the deficit....it is paid for entirely by the workers who get the benefits... and that tax cuts do cause the federal deficit, it is obvious that the whole "government efficiency" program is just a Big Lie to cut or kill SS outright, while cutting other government to cut taxes for the very rich so they can buy more congressmen.
the "great big huge unfunded twenty trillion dollar deficit" in Social Security's own budget has nothing to do with the Federal budget. It is the amount necessary to pay for the longer life expectancy of future retirees...you...after they can no longer work or find work.
If you actually DO the math you find that for 200 million workers over seventy five years it can be paid for entirely by those workers raising their own payroll tax one tenth of one percent per year. that is one dollar per week per year while real wages go up ten dollars per week per year.
but you will hear nothing about this from the politicians or press or highly paid "non partisan experts." why?
At what point does ballooning levels of 'paper' value - think Bitcoin hitting $1M according to Eric Trump - results in significant inflationary pressures?
Poor doggie! I hope he's ok!
I finally got around to watching "Finding The Money" last night. I generally don't like documentaries -- I'd much rather read than watch a movie -- but this one had some truly priceless moments, especially those involving Jared Bernstein. Even though I enjoyed some hearty laughs at his expense, I wound up feeling just a wee bit sorry for him: I've actually had nightmares about being that utterly clueless in public. (Not long after becoming a lawyer many years ago, I had a dream in which I was summoned to appear before the United States Supreme Court. I had no idea why, but it was clear I had to show up. When I did, the Justices took turns reading aloud, to a packed courtroom, the answers I'd written to essay questions on the two bar exams I'd taken, mocking them mercilessly, and wondering incredulously how I'd managed to be admitted to the bar in Massachusetts and Connecticut (something that I've wondered about to this day.)
Yikes! I hope the pup is OK. Don't worry about deficit spending in caring for her-him.
I actually thought that was a stuffed toy sheep. 🤦🏻♂️
What is it about the best economy we have had in decades that demands the type of austerity programs that the unelected 'Director' Elon, of a fabricated agency is calling for? It isn't "government efficiency" to dismantle core safety nets -Soc Sec and Medicare, gut federal agencies, and fire civil servants under the guise of streamlining govt. This is a power grab in the guise of reform letting Elon and friends to consolidate control while destroying the safeguards of democracy....and the media seems to be normalizing this. He sits in on foreign policy meetings, puts in his two cents on cabinet picks and acts like tRump's cabinet member himself.
He puts on like he is some genius in econ with his econ degree, all the while claiming the economy is on the verge of BANKRUPTCY with its huge debt and our children and grandchildren are going to be stuck paying for it. What we are on the verge of following his playbook is economic collapse along with the destruction of democracy. This guy and his ilk and tRump and his ilk are leading us straight into fascism. They are greedy, power hungry sociopaths who care nothing about governing and taking care of peoples' needs and they are willing to do anything to get and keep control...revenge and even violence, if that is what it takes- send the military to put down protests, for example.
Elon ist volkswirtschaftlich ein Luftikus, eine Nullnummer.
Das zeigt auch etwas von seinen nicht hinreichend vorhandenen intellektuellen Fähigkeiten auf.
considering that Social Security has nothing to do with the deficit....it is paid for entirely by the workers who get the benefits... and that tax cuts do cause the federal deficit, it is obvious that the whole "government efficiency" program is just a Big Lie to cut or kill SS outright, while cutting other government to cut taxes for the very rich so they can buy more congressmen.
the "great big huge unfunded twenty trillion dollar deficit" in Social Security's own budget has nothing to do with the Federal budget. It is the amount necessary to pay for the longer life expectancy of future retirees...you...after they can no longer work or find work.
If you actually DO the math you find that for 200 million workers over seventy five years it can be paid for entirely by those workers raising their own payroll tax one tenth of one percent per year. that is one dollar per week per year while real wages go up ten dollars per week per year.
but you will hear nothing about this from the politicians or press or highly paid "non partisan experts." why?
I just listened to Shearer's podcast. Thank you, Dr. Kelton, for your illuminating remarks on the realities of the Fed's interest rates. And kudos to Mr. Shearer for asking good questions and then stepping back to give you space to answer fully.
Your poor puppy 🐶! At least he has his Lambchops to sleep on. Happy recovery.❤️🩹
Recording of the interview by Harry Shearer: https://harryshearer.com/le-shows/december-08-2024/#t=21:01
Not sure I followed the argument in the podcast to protect the poor. If the FED raises interest rates to bring down inflation, then lowering it presumably encourages inflation. So why is that helpful to the poor end of town? Isn't that what the cost of living crisis means (high inflation eroding purchasing power)? Or is it simply hoping that the billionaires looking to cut federal spending won't want to both lower govt interest expense and cut social programs (as well as defence, justice, and everything else the state provides.)
considering that Social Security has nothing to do with the deficit....it is paid for entirely by the workers who get the benefits... and that tax cuts do cause the federal deficit, it is obvious that the whole "government efficiency" program is just a Big Lie to cut or kill SS outright, while cutting other government to cut taxes for the very rich so they can buy more congressmen.
the "great big huge unfunded twenty trillion dollar deficit" in Social Security's own budget has nothing to do with the Federal budget. It is the amount necessary to pay for the longer life expectancy of future retirees...you...after they can no longer work or find work.
If you actually DO the math you find that for 200 million workers over seventy five years it can be paid for entirely by those workers raising their own payroll tax one tenth of one percent per year. that is one dollar per week per year while real wages go up ten dollars per week per year.
but you will hear nothing about this from the politicians or press or highly paid "non partisan experts." why?
sory for double post. first try brought "something went wrong" notice and comment did not appear until after i posted it again.
At what point does ballooning levels of 'paper' value - think Bitcoin hitting $1M according to Eric Trump - results in significant inflationary pressures?
TETHER is not gonna like rate cuts!
https://x.com/FinnegansCoin/status/1866660301338198300?t=4nP4FsIB-EvvgaamqCVdbA&s=19
What a beautiful boy you have; hoping he's all better soon. I know that Lamby will help.