It's tempting in these moments to interpreting something like "reducing price tag from $2.3T to $1.7T" in the way you might a scene from a movie where two people are haggling over the price of a rare item, or one of them providing a service the other needs to complete a quest etc
But that's not what's going on here. We're talking about $600bn of investments, of projects, of money going to particular communities for particular needs, hard-won through years of organizing and advocacy, just vanishing up in smoke as a token of compromise to a hostile enemy.
In a movie, someone who wanted $20, and who is offered $5, and who settles on $10, still gets $10. And maybe they even overvalued their initial bid precisely to get to this number.

That's not how the budget works. A thousand programs or communities in need of that $600bn dont
get to take solace in the knowledge that some other communities or programs are still going to get their money. And of course, the amounts being requested here are rarely so over-estimated that they can meaningfully function when cut by 25% in the opening gambit.

It's a great
example where the use of budget numbers as a proxy for actual values - especially massive numbers in the trillions that we have no personal frame of reference for - function to turn the real violence and pain of austerity into an accounting game.

Forget about the lead in the
water, forget about the crumbling roads, forget about the underfunded legal and health and housing services organizations. We have a budget to balance! Hell, let's even make it a game! Just make sure not to feature all the ppl you hurt every time you play

brookings.edu/events/can-you…
S/O to @ddayen who I just noticed made the same point, much more pithily, already.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Rohan Grey

Rohan Grey Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @rohangrey

20 May
The current Tether drama unequivocally proves that the current stablecoin regulatory regime is not good enough.

There are two possible explanations for Tether's behavior. One is, as many skeptics (including me) have argued, that Tether is basically a massive fraud and has been
engaging in shadow accounting games and offering half-truth-based public statements to extend the scam for as long as they can, while continuing to invest in all sorts of risky crypto assets and pumping the market to push their price up.

The other is that Tether's leadership
are trying the best they can, but through either extremely poor decision-making or basic lack of capacity have repeatedly failed to provide the kinds of assurances and transparency that would otherwise be required for an entity of their size and activity.

I think there's little
Read 9 tweets
15 May
One of the biggest problems with cryptoland is that the vast majority of people in it conflate technological know-how with monetary & financial system know-how.

If you don't understand how banking works, that's fine! But for god's sake stop deluding yourself and others about it.
There are a lot of sovereign citizen crazies out there that have convinced themselves that they've discovered the cheat codes to The Law and the Constitution. But of course, they haven't, they're making a dumb person's idea of what a good legal argument sounds like.
The same is true for a significant portion of the crypto community that believes banks lend out reserves, or multiple deposits by 10x via "fractional reserve banking," and can't understand the difference between "100% reserves" and a money market fund-style balance sheet.
Read 4 tweets
15 Apr
Some ppl like to criticize MMT for suggesting we can do big spending programs without 1:1 commensurate tax increases. For some, it takes the wind out of args for taxing the rich (it doesnt). Others think it's fantasy to think you can spend big w/o higher middle class taxes.

But
once you get past all of rhetoric and incoherent conflation of nominal and real variables, what this critical view really boils down to is the argument that it's better for progressives to adopt a Manchin-style strategy in budget negotiations.

The MMT position has always been that it's both unnecessary and self-defeating to pick two fights at the same time - one over the spending program, another over the taxes that people want to tie to it.

Our view has been that this two-front strategy usually means loss on both.
Read 4 tweets
9 Apr
Interest rate policy is:

- a blunt tool with lots of negative side effects
- by definition not targeted to the actual source of inflation
- potentially counterproductive due to contradictory effects of income channel vs price channel
- usually considered to exclusion of all else
New Keynesians have for years relied on interest rate adjustments to singlehandedly manage inflation outside of the ZLB/ELB, as Jason's own thread asserted.

What's the point in acknowledging it's shortcomings if you're just going to default back to knee-jerk reliance on it?
It's like someone looking for their keys a mile from where they lost them because that's where the light is, someone points out it's not where they lost them, and they say 'I agree, my search approach has shortcomings but I'm still gonna search here first".

Why? What the hell?!
Read 17 tweets
7 Apr
Watching leftists and people whose ostensible raison d'etre come to the defense of Substack by criticizing Ghost is pretty sad.

By any objective metric, a non-profit that provides a f/oss product capable of being self-hosted, and which funds the development of that product via
paid hosting services, is far more aligned with progressive values re: concentrated economic power and platform censorship than a VC-funded, for-profit company that solicits big names by paying them advances, and giving them employee-like benefits without actually hiring them.
The real question shouldn't be "why are Nathan and others leaving Substack for Ghost", it should be "why the hell didn't you all move to Ghost in the first place, and why aren't you doing it now independent of Nathan et al's reasons for doing so?"
Read 8 tweets
7 Apr
Sorry, what? This is the free speech warrior?

Ghost is open source software capable of being self-hosted by anyone. They offer hosting services for a fee.

That is a long, long cry from intentionally soliciting & paying 'talent' in the way Substack does.

But more importantly,
the idea that the problem is 'terrorists and pedophiles' may be able to publish content, rather than a large commercial platform deliberately amplifying certain prominent voices with its VC money, is the kind of argument spooks and cops use to suppress individual expression.
"The NYT shouldn't solicit and publish Tom Cotton's warmongering lies, i'm going to resign and host my own Wordpress blog instead"

"OMG you know terrorists and pedophiles can get a Raspberry Pi and host a WP site, right? Pre-tty hy-po-cri-ti-cal"

"...What?"
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(