Incredibly honored & humbled to have worked with @RepRashida's office to develop this proposal to #MintTheCoin and use it to provide universal (and yes, we mean universal) emergency relief pre-paid US debit cards to every person in America.
This proposal provides $2000 per person, including dependents and non-citizens, and those in territories and protectorates, with an additional $1000 each month after that. It is funded and administered by the Treasury, with no need for additional debt issuance or Fed overdraft.
Individuals with addresses on file will have cards mailed to them, and those who cannot or do not receive cards will have opportunity to pick up a card from special distribution stations at post offices, banks/credit unions, public schools, and other government buildings.
In addition, an emergency corps will conduct a targeted outreach program to at-risk populations (homeless, elderly, etc) to ensure they receive cards, and at the same time perform a wellness check to assess whether they need additional assistance.
Relative to other proposals out there, this proposal offers both a novel financing mechanism (#MintTheCoin) and a novel distribution mechanism (pre-paid cards), and is truly universal.
It's been a thrill to work on this proposal, but it is important to note that while emergency
It's been a thrill to work on this proposal, but it is important to note that while emergency
cash relief is critical, it is not sufficient on its own - we need far-reaching debt and expense relief, additional income and benefit protection and expansion, including direct payroll support, repurposing and public ownership of key industry, and direct worker support through
a job guarantee that supports emergency and solidarity work, remote work, and begins planning for what the post-crisis recovery looks like.
@StephanieKelton @ptcherneva @stf18 @FadhelKaboub @andresintheory @RaulACarrillo @videotroph @MorganRicks1 @KatharinaPistor @rch371
@StephanieKelton @ptcherneva @stf18 @FadhelKaboub @andresintheory @RaulACarrillo @videotroph @MorganRicks1 @KatharinaPistor @rch371
Going to take this moment to share some related links:
1) My law review article, forthcoming in the Kentucky Law Review, on the legality of minting the coin in the context of the debt ceiling crisis:
papers.ssrn.com/sol3/papers.cf…
NOTE: Rep. Tlaib's proposal involves new legislation
1) My law review article, forthcoming in the Kentucky Law Review, on the legality of minting the coin in the context of the debt ceiling crisis:
papers.ssrn.com/sol3/papers.cf…
NOTE: Rep. Tlaib's proposal involves new legislation
so avoids many of the concerns regarding existing authority that prompted objections to the original #MintTheCoin proposal.
2) My @thenation op-ed on the Coronavirus:
3) Some other really important pieces by good friends and comrades on what to do next:
2) My @thenation op-ed on the Coronavirus:
3) Some other really important pieces by good friends and comrades on what to do next:
And of course, the biggest thank you of all to @mucha_carlos, who first came up with the idea behind this proposal, and in whose footsteps I follow as a humble student.
A short explainer video on the proposal:
