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Deficit Owls 🦉
@DeficitOwls
, 3 tweets, 1 min read Read on Twitter
What possible tools could we use to fight inflation besides interest rates and taxes? Hmm, what do you think, book from 1951?
And this is from a book that repeatedly insists that "The fundamental cause of inflation... has been the printing of money or its modern counterpart the creation of bank credit..." Clearly they have more imagination than the Monetarists did.

For anybody who's wondering, this is "The Economics of Armament Inflation," by Jules Backman (NYU), 1951.
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Deficit Owls 🦉
@DeficitOwls
MMTers rightly point out that "the burden of the national debt" is largely a myth for a nation like the US. But I don't think enough attention has been paid to the difference between peacetime debt and wartime debt. This will become important for a Green New Deal. (1/n)
(With the caveat that this thread is about a total war like WW2, not the kind of smaller ongoing wars that the US has been engaged in the last few decades) (1.5/n)
In normal times, basically everything the commentariat says about national debt is wrong, but in an economy completely mobilized for waging a war (or waging a GND), some of it becomes (almost) true. (2/)
Read 21 tweets
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Deficit Owls 🦉
@DeficitOwls
Here's a fun fact to help you remember that the politics around cutting Social Security today are a complete charade:

During WW2, when the gov was spending more and had a larger debt than anybody had ever seen, the gov seriously proposed *expanding* SS. Why? (1/3)
To prevent inflation: payroll taxes would kick in immediately but the benefits would not be paid out until far in the future, exerting a net deflationary force on the economy. (2/3)
The government is the currency-issuer, it can never run out of dollars. Unless we're talking about inflation, then the problem with Social Security is imaginary. (And even then, it still might be imaginary.) (Fine)
Read 3 tweets
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Deficit Owls 🦉
@DeficitOwls
Here's a few words on UBI and inflation. Not every kind of universal income scheme has to be inflationary, but there is one king that almost by its very definition will cause inflation. That would be a "living wage" UBI. (1/)
Proponents of this level of BI believe that everybody should have the right to choose not to work, so BI should allow that. Ok. Presumably, this means that they wouldn't view the policy as a success unless some decent fraction of people actually DID choose to not work. (2/)
Fewer workers means an economy that can't produce as much stuff. This would be at the same time as people are taking their new basic incomes and spending them, ie. trying to buy more stuff. More buyers for less stuff -> price increases. (3/)
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Geoff Ginter
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Chowkidar mukul 🇮🇳
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How will @RahulGandhi finance Nyay?

decrease subsidies for middle class
tax the hell out of the rich (who?)
Tax your house at market rates.

Mumbaikars will pay 2 lacs each year for a 1BHK as tax.

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They will all fly away and take citizenship of other countries.
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Sam Bell
@sam_a_bell
(a) a 'thank you' for writing the book (amazon.com/Trumponomics-I…) and the op-ed (wsj.com/articles/the-f…)
(b) an elaborate ploy to get me to waste my next 12 hours on Moore clips
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Rob Steinernomics
@Steinernomics
I'm not going to say this statement is a fact, but I will say it with 80% confidence:

New Federal spending programs should be entirely deficit-financed up until a point.

What is that point? Let's do a back of the envelope calculation...(1/22)
For 2019, the Federal budget deficit is projected to be $1 Trillion or 4.7% of GDP.

The largest the US budget deficit in history was in 1944 at 22.2%. Now that budget deficit resulted in high inflation (but nowhere near hyperinflation) (2/22)
and necessitated higher taxes & govt price-fixing. But briefly setting that aside, lets see what the budget deficit would be at 22.2% of GDP in ‘19.

22.2% / 4.7% = 4.7

4.7x's deficit/GDP...for 2019 that would be $4.7T, or $3.7T MORE than we are currently spending. (3/22)
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unseen1
@unseen1_unseen
1. Economic growth isn't hard to understand. Sure the "smart people" use big words to confuse and bore you, words like: inverted yield curve, PE, fed rate, valuations, gross domestic product (GDP), consumer price index, inflation, deflation, money supply, etc.
2. The simply fact is that growing the economy is in many ways, when you boil it all down, as simple as growing aerobical bacteria in a petri dish. You want growth in your petri dish? You give it oxygen, a food source, room to grow and a stable environment.
3. So to take the petri dish example and change it to an economic one. Think

Stable environment: laws, peace, strong communities and family units, etc

Room to grow: resources: things such as available employees, metals, lumber, incomes, infrastructure, factories, etc
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Alamo_on_the_rise
@AlamoOnTheRise
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