Thank you for this excellent insider look at the "pay for" farce. I would love to see the "household budget" analogy put to rest, so that the adults can work again.
I am a baptized MMTer. Mosler got to me too. Discussions of tax hikes and deficits are a pointless waste of valuable political gaslight. We are in the middle of a climate crisis as America either catches fire, blows down, or drowns. Climate-related losses are a matter of pay me now, or pay me more later, but we all have no option but to pay. Congress cannot approve deficits increases due to climate losses because climate is out of its control. What is not out of its control is hardening America's infrastructure to prevent future voter deficits that eventually wind up in our national deficit.
Excellent post. I am reading your book. Your webinar at the Australia Institute last year was the point where MMT ideas became clear to me. I am keen to learn more about how MMT might handle an economy that is already subjected to significant inflation. One example might be a severe supply shock such as the OPEC oil crisis.
IMO, the "Pay-For Game" is an invention of the GOP, to allow them to do Keynesian Stimulus (via Tax Cuts for the Rich) when they're in the White House and block it when the President is a Democrat. They know that Keynes works, they just use it in the worst possible way (pro-cyclically, for political gain, rather than counter-cyclically, to promote full(er) employment). (Note: my Keynes ref's come from getting a BA Econ in early '80s; I'm MMT-Curious, don't "get it" enough to really buy it yet, but what I see doesn't sound "wrong")
@Stephanie Kelton, why not to add a download or print option (save as a pdf-file) to this blog? It would help to spread the message. Or maybe I missed it?
After all, the investment brokerages are constantly looking for another fire sale or easy take-over. If the economy is healthy they may have to go produce something. They have come to believe that it is cheaper to hire mercenaries who can sabotage the economy.
Nearly two years ago I cautioned in an email exchange with you about my concerns for MMT to unleash inflation. I think my concerns were well-founded. A 30% increase in M2 has indeed unleashed inflation. It will be difficult to bring it back under control given current monetary & fiscal policy.
Thank you for this excellent insider look at the "pay for" farce. I would love to see the "household budget" analogy put to rest, so that the adults can work again.
Runner on first ….. and one out ….
I am a baptized MMTer. Mosler got to me too. Discussions of tax hikes and deficits are a pointless waste of valuable political gaslight. We are in the middle of a climate crisis as America either catches fire, blows down, or drowns. Climate-related losses are a matter of pay me now, or pay me more later, but we all have no option but to pay. Congress cannot approve deficits increases due to climate losses because climate is out of its control. What is not out of its control is hardening America's infrastructure to prevent future voter deficits that eventually wind up in our national deficit.
Excellent post. I am reading your book. Your webinar at the Australia Institute last year was the point where MMT ideas became clear to me. I am keen to learn more about how MMT might handle an economy that is already subjected to significant inflation. One example might be a severe supply shock such as the OPEC oil crisis.
IMO, the "Pay-For Game" is an invention of the GOP, to allow them to do Keynesian Stimulus (via Tax Cuts for the Rich) when they're in the White House and block it when the President is a Democrat. They know that Keynes works, they just use it in the worst possible way (pro-cyclically, for political gain, rather than counter-cyclically, to promote full(er) employment). (Note: my Keynes ref's come from getting a BA Econ in early '80s; I'm MMT-Curious, don't "get it" enough to really buy it yet, but what I see doesn't sound "wrong")
@Stephanie Kelton, why not to add a download or print option (save as a pdf-file) to this blog? It would help to spread the message. Or maybe I missed it?
After all, the investment brokerages are constantly looking for another fire sale or easy take-over. If the economy is healthy they may have to go produce something. They have come to believe that it is cheaper to hire mercenaries who can sabotage the economy.
Nearly two years ago I cautioned in an email exchange with you about my concerns for MMT to unleash inflation. I think my concerns were well-founded. A 30% increase in M2 has indeed unleashed inflation. It will be difficult to bring it back under control given current monetary & fiscal policy.