Discover and read the best of Twitter Threads about #JobGuarantee

Most recents (24)

It's amazing people do not understand the U means Universal in #UBI.

It's amazing that people do not understand that a UBI is not revolutionary and represents the status quo.

It's amazing that people do not realize we ALREADY HAVE a Basic Income or a BI in Social Security
It's amazing that people would fight AGAINST a #JobGuarantee that eliminates the stranglehold employers have on benefits, mobility and setting the wage floor.
It's amazing that people do not realize.that a #UBI is a Trojan Horse that Libertarians are begging for to eliminate the social safety nets and all government programs.
Read 7 tweets
I seem to have time this summer to read another intriguing book by a #MMT scholar. So, what follows is some remarks on @ptcherneva's "The Case for a Job Guarantee".

1) From the top a very readable and eloquent presentation - I like the compactness of this book series.

2) It is difficult to find more timely subject for non-fiction book. @ptcherneva portrays nicely why everbody should be interested in #JobGuarantee proposal. Everyday examples in the introduction bring the unemployment question to right level of abstraction.

(To be continued...)
3) Why do we need #JobGuarantee? Because the current policy regime relying on the idea of natural unemployment (NAIRU) is theoretically flawed and morally questionable. The relation between inflation and employment is at best shady. The RIGHT level of unemployment is zero.

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It’s true. 🤥
There is a god.
Nuns aren’t violent.
There are no myths.
Psychiatry is rational.
Heaven is straight up.
Dreams can come true.
The Sun orbits the Earth.
Everybody envies Britain.
Homeopathy makes sense.
We must reduce the ‘deficit’.
The BBC is a public service.🤫
Depression is a chemical imbalance. 🤥
The Tooth Fairy leaves coins under pillows.
Gentlemen’s hands cannot cause infection.
There is no money except ‘Taxpayers’ money’.
The British have the best everything in the world.
Santa delivers to every home in the world in one night. 🤫
Leprechauns leave pots of gold at the ends of rainbows. 🤥
Our grandchildren will be paying back the ‘Debt’ forever.
We have to tax rich people, tooth fairies and leprechauns so that the government has money to spend or we’ll have to do without the basic necessities of life. 🤣
Read 4 tweets
Some remarks on @StephanieKelton great book "The Deficit Myth".

1) It is a fabulous popularization of #MMT (neo-chartalism).
2) The division between Currency-User and Currency-Issuer is explained in a very clear manner - will be THE eye-opener for many.

(To be continued...)
3) Key principle (of #MMT) is to redefine "balanced" in economic policy and move the focus from balancing government spending and taxes to "balancing" full employment and price stability.
4) Changing NAIRU oriented policies to Job Guarantee is the main tool.

(To be continued.)
5) Ditching the NAIRU (or any natural unemployment rate) concept is very important also theoretically. #MMT claims that there is not straightforward relation between unemployment and inflation, the latter being much more complex phenomenon than mainstream view assumes.

Read 13 tweets
A) Very good George @GeorgeMonbiot. Now please advise your readers that the position, power, wealth and privilege of the 950 years old ruling regime in the UK, via their land-grabbing, resources-thieving, genocidal and crusading mindset is based upon nothing more than the self...
B)..-interested application of a psychological concept - 'money'. They have used and continue to use a brilliant human invention, which could have long been used for good and to everyone's advantage, in a hideous, selfish and sociopathic way! Help pull the rug out from under...
C)..the feet of the establishment. Promote the insights of Modern Monetary Theory and expose the main manipulative lies/myths of 'the deficit', 'the national debt' and 'taxpayers' money' and encourage the people to take control of the means of the creation and utilisation of...
Read 4 tweets
A) You keep saying 'we' George @GeorgeMonbiot and assuming we're all complicit but the perpetrators are only a relatively small number of people who have a vile mindset going back 950 years. The Norman-Westminster/City of London Regime treated the people of these islands with...
B)..their land-thieving, resources hoarding, genocidal, crusading mindset and then exercised it around the globe. They have spent centuries establishing a complex structure to reinforce and maintain their power and privilege; including creating a sanitised fantasy of their...
C)..nature, entitlement and crimes. But we aren't all fooled. Some of us sensed since childhood, despite the conditioning and propaganda via the church, curriculum, media (including comics) and the @BBC that it was all a deadly farce. The last myth to be dispelled for me after...
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#MMT economists have been saying for decades that a #JobGuarantee is an automatic stabilizer. When the private sector is laying off millions of workers, the Federal government must step in as the employer of last resort.
You take people as they are, where they are, and you do on-the-job paid training at a living wage & benefits for anyone ready, willing, and able to work. During a #pandemic, one of the most important jobs under the #JobGuarantee system is to #StayHome.
There are also millions of jobs that can be done remotely and safely right now (e.g. emergency call centers, wellness checks, testing/tracing/isolating for #COVID19, weatherizing vacant buildings, installing rooftop solar on every school and gov building,..
Read 6 tweets
#MustRead new policy note by #GISPscholar Steven Hail (with co-author David Joy) "Federal Debt and Modern Money"…
#MMT #JobGuarantee Image
“The fallacies of the #neoclassical loanable funds view of interest rates and the related myths about #fiscal #sustainability and crowding out, would be seen to be nonsensical. #Neoliberal narratives would be undercut."
"We could get on with having a rational and well-informed discussion about issues such as the appropriate role and size of the #government within the #economy; the appropriate design of more effective automatic stabilisers like the #JobGuarantee; ..."
Read 6 tweets
A)*Sigh* You keep missing the point Pod. Are there no non-white politicians, commentators and journalists defending, or ignoring the arguments against, ‘austerity’? Osborne and the Eton-CambOx-Whitehall Crew have caused more distress, destruction and death to white people in...
B)..the UK than to others. What’s the point of criticising him because he’s white? The in-group creates and manipulates lots of out-groups to attack each other and leave them alone. You are behaving as programmed. But their wealth, privilege and power is all based upon a fraud...
C).., upon a psychological concept that they have used exclusively for their own benefit - money. You should focus on collating a massive in-group of people of all physical, psychological and social variables and take control of that concept and their excess wealth from them. ...
Read 4 tweets
A)Great article by @GeorgeMonbiot referring to the fab work of @guyshrubsole. The whole 954 years history of the Norman-Westminster/City of London Regime, beginning with William the Bastard and his thugs, has been the violent separation of the people of...…
B)..the UK from the land, and (leaving aside the global extension of this colonialist mindset for now) with the imposition of money and taxation, preventing them from meeting their normal, innate human needs. I wish that George and Guy would incorporate the core insight of...
C)..Modern Monetary Theory into their narratives: that this latent forceful separation is mainly maintained by the reification and manipulation of the concept of money and taxation, with the threat of incarceration. The whole English establishment edifice is built upon the...
Read 4 tweets
A little over four years ago I stumbled onto #MMT. It was (and still is) a lot to process, but fairly early on in my reading I was convinced of this-

When it comes to government spending, we are NOT asking the right questions.

I read stuff that made my brain hurt. And after not understanding a single word of it, I read it again. I fell asleep to videos explaining the differences in cost push and demand pull inflation. I learned what boring things like IOR, NAIRU, NAIBER stand for and mean.

I learned about the #JobGuarantee (which would be very beneficial now if it existed before this crisis).

I replaced my favorite hobby- listening to music on my commute- with listening to MMT related podcasts like @CheeseMacro, @MMTpodcast, @pocketchangeMMT, @moneyontheleft

Read 8 tweets
Many are not getting any relief from this "stimulus". Many will be forgotten. Many will lose their jobs. Many will lose their homes.

Privilege will allow many to play board games and enjoy long binges of streaming video.

That's what neoliberalism does.
#COVID19 1/x
Neoliberalism takes the best of us... Makes us slightly more comfortable than those left out and makes it easy to give into privileged stances.

Bernie Sanders platform talks about "I will fight for someone I don't know"
but only under Bernie's proposals are these programs and stimulus universal. Only under Sanders plans are these items rights. Good people. Bad people. Rich people. Poor people. People ..
Read 13 tweets
[thread] What If We Nationalized Payroll?

It was great to speak with @petersgoodman about a Nordic style rescue of the US economy. We ran a few thought experiments. Here are some thoughts that didn’t make it in the article…
1st the US can budget/pay for ANY amount that's appropriated for whatever reason.

Peter asked “what if the govt paid all US payroll for a time?” My answer: "it would amount to nationalizing the payroll & would make the govt the Employer of First Resort"
What would it cost? One back-of-envelope calculation: 157mil employed ppl in the US x median income of $63,700 (2019) = approx $10Trillion for a year of payroll subsidy. I'd add $500b for #JobGuarantee (our @LevyEcon estimate) to support the unemployed w/ stable, living income.
Read 13 tweets
@GowerInitiative @PhilArmstrong58 "For 3 years, the economy expanded until the US central bank intervened in 1937, repeating its mistake of only a few years before to increase interest rates and trigger another recession."
Remember the Nazis were popular because they ditched austerity..…
@GowerInitiative @PhilArmstrong58 💡👇🏻

Some reality at last.. "Tlaib proposes to pay for the cost of the program by calling on the Treasury to use its authority under federal law to issue two trillion dollar platinum coins. The move would not add to the debt." Indeed it would not..…
Read 87 tweets
Recession is sadly required to tackle the pandemic. As millions lose their jobs, we still need an army of ppl to disinfect, deliver essential meds, food, etc
The solidarity economy is key. But we have no preparedness/protocol how 2 do this w/o putting ppl in harm's way 1/n
This is why we cannot rely on emergency responses. Going forward, preparedness in all aspects of public life must guide policy. So that we have the institutions and protocols for dealing with shortages in both equipment and human resources. 2/
But imagine how much better the recovery would be if we had a #JobGuarantee in place. Imagine the peace of mind it will afford the most vulnerable famies who have no idea how long they'll be out of work. Imagine the economic boost it will provide when living income is assured 3/
Read 8 tweets
Paying for the #GreenNewDeal
#Thread 5

Managing Inflation, pt. 1
Pavlina Tcherneva @ptcherneva

Most inflation is cost-push, not demand-pull. This lack of demand-pull inflation means that we have the capacity for ambitious public spending.
The orthodoxy of inflation resulting from ‘too little’ unemployment is a toxic myth. There is no 'just right' number of involuntarily unemployed people.
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
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
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.
Recently, @policylink, @thepublicmoney, & 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.
(Special thanks to @agb4equity & @streuhaft for facilitation and to @SandyDarity & @DarrickHamilton for partnering to provide Guiding Principles)…
Read 21 tweets
Paying for the #GreenNewDeal
#Thread 3

The Federal Budget, pt. 3
Rohan Grey @rohangrey

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.
#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.
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."
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#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.
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
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
#Thread 1: Paying for the #GreenNewDeal


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

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.
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 25 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
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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

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