First off, #GISPfellow Amir Khaleghi presents the latest updates from the #GreenJobs report
Our Green jobs report combines BLS employment data with @HIPinvestor company ratings to determine how green or how extractive an industry is
Jobs in greener industries have remained the most resilient since the onset of the #COVID19#pandemic
The jobs recovery is already slowing down, which means we need a bolder approach to economic relief and stimulus in order to avoid a post-2008 slow and painful recovery
Greener jobs pay more than extractive industries
High-contact sectors have suffered the most during the #COVID19crisis, but even in those industries, Greener industries have been more resilient to job losses
@RaulACarrillo: the federal bill for public banks would provide a wide variety of public banking options for states and cities to choose from, with capitalization coming from the Federal Reserve Bank as opposed to state and local government tax dollars.
@stf18: there are millions of unbanked and underbanked people in the country that would be better served by public banks. @RaulACarrillo wrote about Postal Banking also as a way to provide basic financial services to all members of society: global-isp.org/policy-note-10…
@RaulACarrillo: public banks can bake environmental responsibility and social impact into their charter. It's not about where the depositors' money will be placed. It's about what the public bank was chartered to do in the first place.
@RaulACarrillo: Public banks will do what they are chartered to do. Design is important. Holding public banks accountable for what they are doing with public money. This is not a given. We have to ensure that environmental and social standards are baked into their mission.
@RaulACarrillo the entire banking system is backstopped by the Fed. Banks are chartered, licensed, regulated, by the Federal government. The Fed is legally the lender of last resort for the private banking system. Banks are legally established by the Gov. And so will public banks
@RaulACarrillo We need to apply a different metric for public banks (triple bottom line). We have to have a responsibility mindset rather than an austerity mindset. Public banks have to support states that must comply with balanced budget amendments.
@RaulACarrillo there are activist teams working on public banking in a number of cities and states around the country, including WV, FL, IL, NY, NJ and beyond
If you've been in a coma for the last 12 years, you need to catch up on your central banking a bit:
"Fed has no reliable theory of inflation, says Tarullo" on.ft.com/3hXmj5N 2/n
In other words, mainstream econ has no idea what causes inflation, let alone how to deal with it. #MMT does. As an MMTer, I am obsessed with the risk of #inflation. 3/n
#Thread #MMT economists have been saying for decades that a #JobGuarantee is an automatic stabilizer. When the private sector is laying off millions of workers, the Federal government must step in as the employer of last resort.
You take people as they are, where they are, and you do on-the-job paid training at a living wage & benefits for anyone ready, willing, and able to work. During a #pandemic, one of the most important jobs under the #JobGuarantee system is to #StayHome.
There are also millions of jobs that can be done remotely and safely right now (e.g. emergency call centers, wellness checks, testing/tracing/isolating for #COVID19, weatherizing vacant buildings, installing rooftop solar on every school and gov building,..
#Thead
I get asked questions like this all the time "Is #MMT consistent with a post-capitalist system? #Socislism? #Imperialism? XYZism?"
MMT is compatible with any political system. 1/n
#MMT is an analytical approach that carefully estimates how much fiscal policy space a country has to meet its national priorities without causing #inflation. 2/n
Those national priorities are determined by a political system that can be participatory/dictatorial/fascist/capitalist/socialist/communist, or whatever. 3/n
#THREAD
So if you have any doubt about this being a #ParadigmShift, check this out. A colleague from the humanities is teaching a social science class this semester. She decided to introduce her students to different theories about #money. 1/n
I'm told that this sparked a very lively discussion that will continue in class next week. I've always said that this paradigm shift will not take place under the leadership of mainstream economists & their admirers. 3/n
Ten #MMT tips to remember on #TaxDay: 1. Federal #taxes don't fund federal spending, so let's #decouple these two important tools. 2. Taxes offset #Government spending.
3. It's a matter of #logic: #dollars must be spent into existence (by the Gov) first, in order for us to use some of those $ to pay taxes 4. #Taxing for #revenue is for local states/municipalities, not the #sovereign issuer of the #currency.