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Stephanie Kelton
@StephanieKelton
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The evolution (turnaround) in fiscal thinking from left economists has been remarkable. What explains it? Is it Blanchard 2019?
Jan 2017: Deficits Matter Again nytimes.com/2017/01/09/opi…
Krugman
Nov 2017: Just prior to full passage of the GOP tax cuts
“Our country will be living on a shoestring for decades because of the increases in the deficit”
newsmax.com/politics/treas…
Summers
December 2017: GOP tax cuts become law, adding (what turns out to be) ~$1.9 trillion to deficits
April 2018: A Debt Crisis is Coming washingtonpost.com/opinions/a-deb…
Furman, et al.
January 2019 “debt may not have a substantial fiscal cost”🔥
aeaweb.org/aea/2019confer…
Blanchard
March/April 2019: “Congress should pay for new measures with either spending cuts or extra revenues, except during recessions”
foreignaffairs.com/articles/2019-…
Furman/Summers
February 2019: “Investment [including “much of what seems to be in the Green New Deal”] can and should be debt-financed”
nytimes.com/2019/02/19/opi…
Krugman
March 2019: “Policymakers going forward will need to engage in some combination of greater tolerance of budget deficits...”
brookings.edu/wp-content/upl…
Summers
Quite the
Someone asked me for the MMT timeline.

There is no debt or deficit crisis. Same narrative applies over recent decades.
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More from @StephanieKelton see all

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Stephanie Kelton
@StephanieKelton
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Larry says it’s a dangerous to say, “that the government can just print the 💰.”
Was it dangerous when...
Alan Greenspan said it?
When Warren Buffet said it?
Read 7 tweets
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Stephanie Kelton
@StephanieKelton
MMT didn’t deregulate the banks. MMT didn’t bail out Wall St and let millions lose their homes. MMT didn’t push a too-small stimulus over price tag fears. MMT isn’t writing about how we need a Simpson-Bowles-like plan to fight deficits.
MMT does undergird the Green New Deal, show how to lift millions out of poverty with a federal job guarantee, replace interest subsidies for the rich with ZIRP, and move us away from destructive PAYGO budgeting that disproportionately hurts the poor.
The only people who will be hurt by MMT are the vested interests who benefit from the preservation of the bankrupt Peter G. Peterson ideology.
Read 3 tweets
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Stephanie Kelton
@StephanieKelton
Nobel laureate, Bill Vickery:
"A Marxist interpretation of the insistence on a NIARU might be as a stalking horse to enlist the fear of inflation to justify the maintenance of a "reserve army of the unemployed," allegedly to keep wages from initiating a "wage-price spiral."
"One never hears of a "rent-price spiral", or an "interest-price spiral," though these costs are also to be considered in the setting of prices."
"Indeed when the FRB raises interest rates in an attempt to ward off inflation, the increase in interest costs to merchants may well trigger a small price increase." #MarkupPricing
Read 3 tweets

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Vous avez l'impression que le monde va mal ? Que c'est de pire en pire ? Pourtant, vous vous trompez lourdement. 🤔 Le monde va MIEUX ! 2018 était la MEILLEURE année de l'histoire de l'humanité. Et je vais vous le prouver. Un thread à dérouler⤵️
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Cow is 'Mata' for RSS/BJP & other Hindutva affiliates - we ask for votes in its name, lynch people & even demand a "Rashtra Mata" status for it. But for the sake of elections, we may forget our Mata.

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