Federal deficits is the money spent by the federal government that hasn’t yet been used to pay federal taxes. Federal debt, aka the National Debt is the accumulation of deficits over the years. Hence the National Debt is the world’s US dollar savings, to the penny! Why would the public likely lose faith in the government, when the same public are the ones accumulating those US dollars as their savings? The demand for US debt is so high in the recent years that the public is willing to pay negative rates to have the US government hold their US dollar savings.
So, I think you have it backwards, the day the public decides it is not worth earning and accumulating US dollars, would be the day when the public begins to lose faith in the government.
I trust we're not losing the "lone voice" in Congress with his retirement. Certainly his stepping down is a great loss to "we the people." We need more Deficit Owls therein.
Stephanie Kelton writes, "Based on my own interactions with lawmakers on the Hill, I would estimate that roughly one-third of Congress is now MMT conversant."
How do we raise that ratio from one-third to at least one-half? Do we send every member of Congress a copy of The Deficit Myth? Should we develop a district-by-district campaign to educate Congress members and their staff? Should we develop a scoreboard (http://lerner-minsky.org/resources/functional-finance-scoreboard.pdf) to rate Congress members on their MMT-conversancy?
That's disappointing. Has he said negative things about MMT? I fell off listening to him earlier this year. Not for any particular reason, just took temporary a light break from podcasts.
A Question/Concern about Inflation due to Supply Chain Disruption:
Won't it be possibly be more permanent, because of trouble in China? Shouldn't then the US response be to use select technology, MMT Lens & possibly select skilled immigration to hugely increase Manufacturing in the US?
Also, does the $3.5T do much about affordable housing? (which depends on a lot more I gather).
I neglected to mentioned the many prayers we’ve offered for those devastated by tornadoes especially the people now suffering in Kentucky. May God have mercy.
This excellent podcast might interest you: https://realprogressives.org/podcast_episode/episode-140-what-if-we-lose-faith-in-the-dollar-with-john-harvey/#fwdmspPlayer0?catid=0&trackid=0
Federal deficits is the money spent by the federal government that hasn’t yet been used to pay federal taxes. Federal debt, aka the National Debt is the accumulation of deficits over the years. Hence the National Debt is the world’s US dollar savings, to the penny! Why would the public likely lose faith in the government, when the same public are the ones accumulating those US dollars as their savings? The demand for US debt is so high in the recent years that the public is willing to pay negative rates to have the US government hold their US dollar savings.
So, I think you have it backwards, the day the public decides it is not worth earning and accumulating US dollars, would be the day when the public begins to lose faith in the government.
I trust we're not losing the "lone voice" in Congress with his retirement. Certainly his stepping down is a great loss to "we the people." We need more Deficit Owls therein.
From what I understand, his son might be considering running for congress.
#RobinAltman2022! :-)
🤣🤣🤣 (But I appreciate your support.)
Thank you so much for adding the Macro n Cheese to this blog post. Yarmuth and his son are national treasures.
We have nobody like that amongst UK lawmakers. 😩
not yet
Tom Pitman! Where have you been?!
Are you volunteering?
Stephanie Kelton writes, "Based on my own interactions with lawmakers on the Hill, I would estimate that roughly one-third of Congress is now MMT conversant."
How do we raise that ratio from one-third to at least one-half? Do we send every member of Congress a copy of The Deficit Myth? Should we develop a district-by-district campaign to educate Congress members and their staff? Should we develop a scoreboard (http://lerner-minsky.org/resources/functional-finance-scoreboard.pdf) to rate Congress members on their MMT-conversancy?
Unfortunately Thom Hartmann isn’t helping w/his fierce loyalty to Krugman
That's disappointing. Has he said negative things about MMT? I fell off listening to him earlier this year. Not for any particular reason, just took temporary a light break from podcasts.
Hello Stephanie;
A Question/Concern about Inflation due to Supply Chain Disruption:
Won't it be possibly be more permanent, because of trouble in China? Shouldn't then the US response be to use select technology, MMT Lens & possibly select skilled immigration to hugely increase Manufacturing in the US?
Also, does the $3.5T do much about affordable housing? (which depends on a lot more I gather).
Speed the day that we get naked monetary truth from a politician not intending to retire but actually seeking re-election.
I neglected to mentioned the many prayers we’ve offered for those devastated by tornadoes especially the people now suffering in Kentucky. May God have mercy.