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Austerity is Murder @sdgrumbine
, 13 tweets, 3 min read Read on Twitter
What is the main insights of #MMT to the activist?

That the nation isn't broke and doesn't require ↗️📈 taxes to pay for programs?

MMT is not political but it exposes fraud, corruption and destructive behaviors easily.
MMT leverages sectoral balances to assess the health of an economy. Those sectors include Public Sector, Private Sector and Rest of World.

MMT shows we are not on a gold standard, petro standard or anything other than a sovereign free floating non-convertible fiat currency.
Not since 1971 when Nixon ended the convertibility to gold via the Bretton Woods Accord.

Congressional spending is the birth of a dollar and federal taxation is the death of a dollar.

We don't just "print money".
Loans make deposits and banks don't lend reserves. Banks are not reserve constrained and there is no such thing as a Fractional Reserve System. Not since 1934.

The Federal Government can afford anything we need as a nation that can be purchased in US Dollars?
That states are currency users and the Federal government is the currency issuer: states require taxes to FUND programs at the state level. The Federal Government is SELF FUNDING.

Money doesn't grow on rich people, it originates with the state. Learn it. Live it. Got it? Good.
The reason states suffer is they lose their tax base when businesses flee. This is why states gut their tax rates to lure business. The race to the bottom. The Federal Government can solve this by funding the states and ending all unfunded mandates plus a a Federal Job Guarantee
A Federal Job Guarantee is central to a functioning and just economy(federally funded and locally administered) and serves as a perfect automatic stabilizer to prevent destitution and involuntary unemployment forever
The ability of the nation to tax and enforce said tax at the Federal level, payable only in the nations currency is sufficient "need" to drive the use and "value" of the currency. Not Forex markets or Wall Street.
The Federal Government is the money monopolist and the price setter.

Banks are public utilities already, sadly they have been deregulated. Let's make banking boring again.

Medicare for All may require a tax cut!!!
A Green New Deal mobilization would take us past full employment and force us to shift a great many resources from unproductive, parasitic sectors such as the FIRE sector (Finance, Insurance and Real Estate)
A Green New Deal doesn't need to be "paid for" with taxes & shame on even my favorite candidates who allow unsavory advisers to alter their messaging to say otherwise.

Austerity has stopped us from dreaming of a better tomorrow & MMT shows us that we can truly have nice things.
Inflation isn't about too much money in the economy so much as it is often directly caused by production not keeping up to meet demand.
Social Security is not in anyway broke, can be funded in perpetuity and expanded to include a host of conditions, serving as a basic income, age lowered, cost of living adjustments raised and NO!!!


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