We're seeing a structural change in the U.S. and other service-driven economies, argues @J_K_Galbraith. Keynsian stimulus won't be enough to bring it back. He offers eight other necessary moves for a better #NextNormal: theintercept.com/2020/09/01/bid…
1. Wartime mobilization to shift production to sustainable energy, climate mitigation, public health, and rebuilding infrastructure to be sustainable.
2. A guarantee that the public sector will be the employer of last resort for all seeking work.
2. A guarantee that the public sector will be the employer of last resort for all seeking work.
3. Give service businesses grants and loans to rebuild for lower volume and cover their costs until higher volume is possible.
4. Repatriate supply chains for food and public health (medications, PPE, etc.).
4. Repatriate supply chains for food and public health (medications, PPE, etc.).
5. Rebuild the crisis-stricken healthcare sector to go beyond single-payor by nationalizing healthcare or making the organizations cooperatives.
6. Protect renters and homeowners from evictions, foreclosures, and utility stoppages, incl. debt write-downs and landlord support.
6. Protect renters and homeowners from evictions, foreclosures, and utility stoppages, incl. debt write-downs and landlord support.
7. Write down the assets of the wealthy through sensible restructuring and debt relief, to achieve redistribution without depression or inflation.
8. Restructure the financial sector, taking over any big banks that are too big to fail.
8. Restructure the financial sector, taking over any big banks that are too big to fail.
"...there are a few moments in American history when the country rallied to do what was necessary, overcoming the odds, the powers, the old ideas, and the bad actors who stood in the way. It did so in 1861, in 1933, and in 1942. And here we are again."
@threadreaderapp unroll
