Sometimes, you can actually see the Overton Window shifting. This month is one of those times, with @business running a @Noahpinion op-ed calling for a new New Deal, arguing that the main problem with the last one is that it didn't go far enough.
bloomberg.com/opinion/articl…
1/
bloomberg.com/opinion/articl…
1/
Smith devotes a fair chunk of his column to debunking New Classical economists who claim that the New Deal lengthened the Great Depression, an idea that has been comprehensively demolished by careful empirical work, and is only cited today by plute-lovin' motivated reasoners.
2/
2/
Though Smith doesn't write the words "#ModernMonetaryTheory," it's hard not to see them waiting just off to one side - the idea that inflation is causedby government spending on things the private sector is trying to but - not by deficits.
pluralistic.net/2020/05/14/eve…
3/
pluralistic.net/2020/05/14/eve…
3/
With the corollary that when the private sector stops buying things - especially the labor of tens of millions of people - the private sector can buy those things without creating inflation.
4/
4/
In other words, everyone can have a job. Everyone should have a job. Not giving people jobs is bad for the economy. An economic system that has a "natural level of unemployment" is cruel and unworthy of our loyalty.
pluralistic.net/2020/05/05/the…
eof/
pluralistic.net/2020/05/05/the…
eof/
