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The rehabilitation of Fiscal Policy is inevitable. The question is how. This, I fear isn't it.
budget.house.gov/legislation/he…
The preamble is all about "deficit-neutral automatic stabilizers." The term makes no economic sense.
@HouseBudgetDems
@HouseBudgetDems Discussion focuses on some version of increasing the tax base to pay for the autom stabilizers (SNAP, UI, etc). The debt/deficit phantom is front & center.
Kudos to @RepJayapal to push back on this narrative!
One cannot prepare for the future by 'rebalancing the budget today!
@HouseBudgetDems @RepJayapal Strengthening autom stabilizers is good, but we must extinguish the cruelest of them all: unemployment.

The talk abt the "very very low unempl rt" ignores the 6mil ppl who officially can't find work (proper count is 15.1mil njfac.org) & many who earn below poverty
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Pavlina R Tcherneva
@ptcherneva
We call it the "Roosevelt Revolution" (I use the term too) but it's technically Perkins' revolution. Underappreciated is her influence over FDR at the start, when he didn't have his policies prioritized yet. (Recall he tried to balance the budget causing the '37-38 recession) 1/x
1st on Frances Perkins' list where public works. She did think of them as temporary, but as the primary tool for tackling unemployment. 2/x
Perkins studied the UK welfare system, but in Downey's bio, unempl insurance makes an appearance in the conversation w/ FDR (who's trying to convince her to join the team) only after banning child labor, reducing the working week, & establishing a min wage. 3/x
Read 8 tweets
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Pavlina R Tcherneva
@ptcherneva
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.
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Pavlina R Tcherneva
@ptcherneva
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

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JW Mason
@JWMason1
Here's the huse budget committee document prepared for today's hearing on fiscal policy. If this is Congressional Dems' thinking on the budget these days, I'd say that's progress. budget.house.gov/sites/democrat…
The starting point is an umambivalent argument in favor of fiscal stmulus in downturns.
I appreciate the frank acknowledgement that the ARRA in 2009 was too small, and that unemployment remained higher, for longer, than it would have if the stimulus had been larger. It's good that "the stimulus was too small" is a mistake DC Dems are now copping to.
Read 5 tweets
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China Finance 40 Forum (CF40)
@ChinaFinance40
1/6 As Powell puts in his recent speech, we are “in a world of slow global growth, low inflation, and low interest rates…" and "fac[ing] heightened risks of lengthy, difficult-to-escape periods in which our policy interest rate is pinned near zero.”
2/6 CF40 member Miao Yanliang mentioned in his book that, under a #fiscal policy framework, the #demographic change and pessimistic anticipation collectively contribute to the world characterized by LOW #inflation, LOW #growth and LOW interest rate.
mp.weixin.qq.com/s/6q8SJ9RHmrKh…
3/6 After the global financial #crisis in 2008, major developed countries faced pressure to reduce #deficits, #debt, and private sector #deleveraging. In this context, the macro-policy has shifted from the former #monetary dominance to #fiscal dominance. #macroeconomics
Read 6 tweets
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Praying Medic
@prayingmedic
47) It's clear that under Chris Wray, the FBI has adopted a philosophy of investigating violence, almost irrespective of motivating factors.

Yet the Yahoo article claims that the FBI has taken exactly the opposite philosophy.
48) There are many reasons why I'm questioning the authenticity of the Yahoo article and the FBI bulletin. The first is that seems to contradict current Bureau Philosophy.
49) The second reason I question the FBI bulletin's authenticity is that the document (unlike the bulletin about Black Identity Extremism) was not sourced to a government website but a private Scribed account.

There is currently no way to verify the document's authenticity.
Read 59 tweets
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Matt Stoller
@matthewstoller
House Antitrust Subcommittee hearing on innovation and big tech is starting now. judiciary.house.gov/legislation/he…
Big tech lobbyists testifying to the House Antitrust Subcommittee. Economies of scale in using all white men.
So Dem @davidcicilline has a strong opening statement on competition, but Republican @JimPressOffice basically spent his time talking about why it’s bad to break up big companies.
Read 28 tweets
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Aaron Reichlin-Melnick
@ReichlinMelnick
Good morning! Today the House Oversight Committee will hold a hearing on "The Trump Administration’s Child Separation Policy: Substantiated Allegations of Mistreatment." I'll be livetweeting parts of the hearing (from 10AM-12PM).

Here's the livestream. oversight.house.gov/legislation/he…
Today's hearing is broken into two panels. Up first will be four members of Congress themselves testifying about what they witnessed firsthand at the border on a recent trip: Representatives @AOC, @RepEscobar, @RashidaTlaib, and @AyannaPressley.
The second panel includes both government and non-government witnesses. Members will hear from Jennifer Costello, Acting DHS Inspector General, Ann Maxwell, Assistant IG for HHS, Columbia Law's Elora Mukherjee, @youngcenter's Jennifer Nagda, and former ICE Director Thomas Homan.
Read 89 tweets
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poetrychic
@frozenpondering
If you, like me, cannot point to a single thing @RepFrenchHill has done for the benefit of his constituents in #AR2 then you owe it to yourself and everyone else in the seven county area to vote for @clarketucker this November. #arpx #Vote #Midterms2018
.@RepFrenchHill has voted to end coverage for pre-existing conditions. He doesn't care whether or not you can afford to see a doctor, or even if your health insurance will cover a visit. He does not care about #Arkansans #AR2 #ByeFrench #VoteThemOut #arpx
.@RepFrenchHill supports @realDonaldTrump #ConcentrationCamps for migrant children, infants, and toddlers. He refuses to speak up about these egregious #HumanRights violations. #Arkansas deserves a better, more humane representative in #AR2 - @clarketucker is that person! #Vote
Read 89 tweets

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#DECLASisCOMING #fiscal #Fear8 #BadPeopleArePissed #DesperateDeepStateGoingDOWN #Gov #Extranjería #growth #RedOctober #WHAT #Distractatron #HouseIntelComm #AUSTRALIANS #Impeachment #Mueller #GodBlessAmerica #VoteRedSaveAmerica2018 #Fear12 #DAMA #NutShellReport #ElPaso #ThePatriotTimes #WhatSayYou #ThesePeopleAreSick #ChuyGarcia
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