Discover and read the best of Twitter Threads about #JobGuarantee

Most recents (24)

When the 2020 campaign started, I was happily supportive of @TulsiGabbard campaign as my fall back to @BernieSanders and we even covered campaign stops & events at @RP_In_Action for the sake of the movement. However her stances on many key issues have frequently been ignored 1/x
1. She outright claims a #JobGuarantee is a failed policy space which is such an impossibly bad take that policy space. It's almost as if she ignored everything she was given access to at Sanders Institute and now just ignores the immense body of work that makes it VITAL
2. She is NOT for a #GreenNewDeal and instead is championing her own recipe in the #OFFAct which is only a small piece of what the Green New Deal covers. The framework is there for a host of interrelated policies that will restructure society in a sustainable way.
Read 17 tweets
Paying for the #GreenNewDeal
#Thread 5

Managing Inflation, pt. 1
Pavlina Tcherneva @ptcherneva

1/
Most inflation is cost-push, not demand-pull. This lack of demand-pull inflation means that we have the capacity for ambitious public spending.
2/
The orthodoxy of inflation resulting from ‘too little’ unemployment is a toxic myth. There is no 'just right' number of involuntarily unemployed people.
3/
The #MMT solution is to replace; to give up; to forever forget the concept of a 'natural' rate of involuntary unemployment -- and to replace it with policies that do not permit that condition in the first place.
Read 11 tweets
Thread:
I realize many celebrate the Fed’s newfound comfort w/ low unemployment. I do too. But I don’t think this is a fundamental change in perspective. As @TheStalwart points, for Powell “It’s all about wages”. I.e. wage discipline is still the Fed's plan to fight inflation 1/n
@TheStalwart So inflation will continue to be stabilized on the backs of working people. Before it was the NAIRU (not yet dead btw): unemployment as inflation fighting tool. But w/ unemployment breaking through every NAIRU barrier, the Fed acknowledges the relationship isn't a good guide 2/n
@TheStalwart Instead the Fed is now watching wages. Powell’s statement means that, if we see robust wage growth, the Fed is still intent on stopping it in the name of price stability. 3/n
Read 10 tweets
Happy International Human Rights Day!

Please join @policylink @NatlJobsForAll @thepublicmoney & over 500 leaders and orgs in the fight for the universal human right to a good job and #jobsforalljobguaranteenow.org
Folks including myself have spilled a lot of ink explaining how the #JobGuarantee would end involuntary employment, stengthen worker power, and generally gain us more democratic control over the labor system and society.
It's crucial to remember that this about the quality of jobs as well as the quantity.

No one should have to work a poorly paid job for the same corporate overlords who consistently prey on our families, communities, and democracy.
Read 10 tweets
⛈️ THREAD. A new call to action (✊) and personal plea (🙏) re: the #GreenNewDeal and a federal #JobGuarantee.

jobguaranteenow.org
Recently, @policylink, @thepublicmoney, & njfan.org have put together a *Jobs for All Manifesto* demanding a world where everyone who wants to work has a right to a living-wage job.

jobguaranteenow.org
(Special thanks to @agb4equity & @streuhaft for facilitation and to @SandyDarity & @DarrickHamilton for partnering to provide Guiding Principles)

jobguaranteenow.org/guiding-princi…
Read 21 tweets
Paying for the #GreenNewDeal
#Thread 3

The Federal Budget, pt. 3
Rohan Grey @rohangrey

1/
On #JobGuarantee logistics: If we can productively employ every 5 year old in a school, then we can productively employ every 25 year old in a public works program.
2/
#GreenNewDeal #JobGuarantee detractors frame its innovative use of federal budgeting as a wild experiment to be feared. But the USA has a long history of experimenting with its monetary system. Actually, this experimentation is partly why we declared independence from Britain.
3/
During the Civil War, Lincoln’s administration created greenbacks. Some called it crazy, and there was a backlash and retreat from those ideas after the war. But the Populists & William Jennings Bryan revived debate: "you will not crucify us on a cross of #gold."
Read 11 tweets
1/
#Thread 2: Paying for the #GreenNewDeal

The Federal Budget, pt. 2
Fadhel Kaboub @FadhelKaboub

The Green New Deal will be a massive endeavor, but so was World War II. We know how to do massive endeavors. We've done them before. It's a matter of deciding to do them.
2/
We want to end fossil fuel extraction, but we don't want to end people's livelihoods. So the concept of 'just transition' – and guaranteed jobs, with decent wages and benefits – is central to the Green New Deal. #JobGuarantee
3/
Would a #JobGuarantee bankrupt the country? No; in dollars it would cost < 4% of GDP. And it would address structural unemployment and inequality and rebuild communities sustainably. We can do this.
Read 13 tweets
1/
#Thread 1: Paying for the #GreenNewDeal

Preface

“You don’t find the money. You find the votes.”

--@StephanieKelton
2/
Welcome from @rohangrey! Here are clips from a 5/24/19 workshop at Harvard Law School on budgeting & macroeconomics of a #GreenNewDeal. We're proud & humbled to work with our cosponsors: the HLS Forum, @IGLP_HarvardLaw @DSA_Enviro @GISP_Tweets @thepublicmoney & @SunriseBoston.
3/
In today’s thread:

The State of the Green New Deal "Pay For" Debate, pt. 1
Simon Metcalf @SunriseBoston

The State of the Green New Deal "Pay For" Debate, pt. 2
Andrés Bernal @andresintheory

The Federal Budget, pt. 1
Stephanie Kelton @StephanieKelton
Read 23 tweets
So @NaomiAKlein made some important points on the @PitchforkEcon podcast about neoliberalism and the #GND. She said that while the popularity of purist neoliberal doctrine is not as popular pervasive, its success has been in convincingly asserting that #thereisnoalternative /1
This is because neoliberalism has effectively captured the public imagination in two critical ways. 1) Framing debates about Capitalism under the assumption that it is an immutable indivisible totality, while they themselves understand and act on the assumption it is not /2
Considerable energy is spent debating under the premise that the only contributions towards systemic alternatives must clearly guarantee the overcoming of the capitalist totality from the onset. Neoliberals however have spent 40 years shaping institutions to their liking /3
Read 12 tweets
Next up is @ptcherneva. “Prevention and predation.” #MMTConf19
@ptcherneva Predation infiltrates all aspects of our economic life. We want to move beyond this world, to a world that is good, sustainable and prosperous. #MMTConf19
@ptcherneva MMT has forced the mainstream to reckon with its ideas. And I do mean “forced”. We have forced movement around the NAIRU and around fiscal policy. #MMTConf19
Read 10 tweets
A) I couldn’t have imagined when I was introduced to the work of Thomas Kuhn and Michel Foucault in 1980 that I would actually experience a paradigm shift or an episteme change respectively. However, major change is now occurring in economics due to Modern Monetary Theory...
B) ..(MMT) - initially the work of Warren Mosler, aided by social media - made available by the internet innovation of Tim Berners-Lee. I wonder if it is a true paradigm shift though as it is the replacement of a body of contrived fantasy and knowingly dishonest information...
C) ..supported by a false infrastructure and camouflaging awards by a clear set of empirical observations, rational historical analysis and robust deductions. However, when enough people grasp the previously concealed, truthful observations and insights of MMT and demand the...
Read 5 tweets
The Fed #JobGuarantee as a counter-cyclical, automatic stabilizer, a govt purchase of commodity based slack labor to create a bufferstock of employed resources, vs unemployed resources & the nominal price anchor it presents are key to the reason it is far superior to the #UBI
The UBI neither countercyclical, nor does it present a nominal price anchor. It has no price anchor and it serves the capital class to fatten their wallets whilst providing ZERO services for the people receiving it.
Cash they need you say?

Well, what stabilizes the purchasing power of that $1000 you just gave out, devaluing labor?

What prevents Walmart from subsidizing poor wages?

Why do you suppose Silicon Valley supports a UBI?
Read 6 tweets
#JobGuarantee in Dewey's "The Economic Basis of the New Society"
Followed by a push for a democratization of production
And finally on the waste of training if no work is available at the end.
Read 3 tweets
Prob the most significant Fed testimony of the decade, almost entirely due to the thoughtful questioning by @AOC, @RashidaTlaib & @AyannaPressley on the futility of the NAIRU, the need to support the real economy in recessions, & importance of an equitable public payments system.
Esp moving to hear @AOC challenge the Phillips Curve as a policy guide for Fed policy. While this was happening I was teaching my #MMT course in Spain--a country whose "NAIRU" the EC estimated to be 25% just a few yrs ago & in the double digits today
The rejection of the natural rate of unemployment/Nairu cannot come soon enough. Millions/100s of millions of livelihoods in the US and globally depend on it. J. Powell's response seemed to agree w/ @AOC and contradict his earlier statement from Jan '19.
Read 4 tweets
Remembering all the kids I grew up with who couldn't get through the police academy & wound up in the Border Patrol, literally hunting our own people to defend empire. Those kids didn't & don't need guns & power. They need free therapy and a god damn #JobGuarantee. #FuckCBP
And everyone single one of those kids LOVED the outdoors. They could be working at the Civilian Conservation Corps right now. They could be forest rangers. Instead we get this atrocity of human labor, to say nothing of the pain they cause innocent people.
Any so-called reforms that don't start chipping at this kind of shit are pointless. We can't just redistribute. We have to rebuild the labor & production systems. From the ground up.
Read 5 tweets
We need a #GreenNewDeal and #JG. Most people aren't socialpathic. In their jobs, they don't want to work on making the planet unlivable for their children, they don't want to engage in fraud or corruption, they don't want to stand by while their coworkers are harassed and abused.
Most people don't want to build systems of mass surveillance, psychological manipulation, and autonomous weapons. Most people don't want to work on how to exploit others more and more. But fear, fear of unemployment and loss of livelihood gets people to work rapidly on all these.
This fear is real. Whistleblowers are completely destroyed in this system. This is a system of socialpaths, by socialpaths, for socialpaths. With impending climate catastrophe and massive concentration of autonomous means of violence, we need a new system immediately.
Read 19 tweets
If the NFL changed their point values to Field goals=7 points, and touchdowns=3 points, I imagine that teams would immediately stop scoring TD's, and start kicking field goals..when the rules of the game change, you change your strategy to give yourself the best chance to win
1/
Now imagine the rules of the "money game" changed (it shouldn't be hard, they DID change almost 50 years ago). When the convertibility of dollars to gold was removed, it opened up a wide range of possibilities that we still have yet to fully realize ("fully" is being kind)
2/
That doesn't mean there aren't limits, it's just that those limits are NOT what they used to be. The things we can do are no longer constrained by how much "money" or how much of a finite shiny metal we have- they're constrained by REAL things- Land, labor, raw materials etc.
3/
Read 6 tweets
Taxes don’t pay for things.
The govt creates money when it spends & destroys it when it taxes.
There is no money-bin where the taxes go.
People keep spinning this ‘taxpayers money’ BS bcz it’s too mind-blowing to #learnmmt
Our sovereign currency is a blessing we ignore
#ausvotes
The great difficulty #MMT (Modern Monetary Theory) faces is the inertia of old dogma.
MMT explains how sovereign currencies have the ability to build their attendant nation’s communities by investing in people
It’s just a way of paying for things by changing ‘the economic levers’
Most economists still act as if our currency is still tied to the Gold Standard. It’s not but they like to avoid speaking to this reality.
You can imagine them as one would a pre-science ‘man of medicine’.
#learnmmt
Read 13 tweets
I spoke with @worldfinance about #MMT and appreciate how this piece tackled some misconceptions and overlooked aspects.
worldfinance.com/markets/modern…
Some additional points that we didn't get to discuss w/ the author. The article says: the #jobguarantee would be "hugely expensive". On the contrary. The enormous costs of unemployment & poverty is what's "hugely expensive". The #JobGuarantee controls & prevents these costs.
The #JG is anti-cyclical & by design it 'controls' spending on employment to be at the right level. It anchors wages at the bottom-another key anti-inflationary feature
Read 4 tweets
Ten #MMT tips to remember on #TaxDay:
1. Federal #taxes don't fund federal spending, so let's #decouple these two important tools.
2. Taxes offset #Government spending.
3. It's a matter of #logic: #dollars must be spent into existence (by the Gov) first, in order for us to use some of those $ to pay taxes
4. #Taxing for #revenue is for local states/municipalities, not the #sovereign issuer of the #currency.
5. Taxing excessive wealth protects #democracy from #Oligarchy and protects us from abusive market power
6. Taxing #pollution & #speculation to reduce such activities, not to "fund" #healthcare and #education.
Read 6 tweets
[thread]
Several thoughts on Brad DeLong’s mocking comments on the #JobGuarantee:
1. Abba Lerner was clear “functional finance is not priming the pump” (1951). If we wanted tight full employment, he argued, direct job creation in the form of public works may be necessary in order to attain and maintain full employment and price stability.
2. That’s what the #JobGuarantee does. It secures full employment, not by “deficit spending” on “low quality jobs”, but on directly employing the unemployed in public service jobs. Here is the difference:
Read 13 tweets
You're driving and you want to maintain a certain speed. Let's say 55 MPH. Or 80..(hey, you do you) What do you have to do to maintain that speed? Well if you're going UPhill, you have to "spend" more gas to maintain it. And if you're going DOWNhill, you "spend" less gas
1/Thread
But you'd "spend" whatever gas is needed to maintain your target speed. Another approach would be that it's OK to "spend" gas when you're almost stopped, but let off the gas once you're moving so you don't "spend" too much. But that's silly, and you'd probably be pulled over.
2/
If it's obviously silly to drive like that, why isn't it obviously silly for governments to deficit spend like that? A typical Keynesian approach is that deficits are OK when the economy is in recession, but once you're "up to speed" you need to "let off the gas".
3/
Read 4 tweets
This State has always been synonymous with the interests of the English Norman-Westminster/City of London Regime via the issuance, control and taxation of ‘money’ and the violent separation of the people from the natural means of meeting their needs...
..Shaken slightly between 1945-1979: it regained control with the neoliberal project and the systematic proliferation of conservative metaphors. Its Achilles Heel is the obfuscated and inverted fact of Spend and Tax (by Tax to Spend myth) with its supporting toothless bogeymen...
..‘Deficit' and ‘National Debt’. Only awareness of these major MMT insights could subvert this process to be utilised explicitly for the public good - to address the naturally evolved physical, emotional and intellectual needs of us all...
Read 4 tweets

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