The power of #MMT is it exposes what could be. It shows how easy prosperity for all could be achieved through the effective and proper use of the public monopoly of currency.
It begs the question: why aren't we living our best lives? Why is the environment burning up? 1/x
To quote my friend and #MMT developer, @billy_blog , #MMT is not the theory of everything... so once we understand how the public monopoly of the currency operates, we need to examine the ideology and framework that is abusing that monopoly & not delivering the results desired.
That begins to look at the capital order. The austerity trinity and the neoliberal ideological framework that runs the institutionalized arrangements that are beyond the public debate. The lies and desires that push extreme wealth accumulation and consolidation.
Read the book Reclaiming the State.
Understand the enemy we face.
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Nuggets absolutely everywhere.
My second reading is intentionally slow and immersive. This book is incredibly eye opening. Intensely important to understand
The hole is deep but we have to untangle the political as well as the economic (including the macroeconomic)
Orthodox economics is violence. It is malevolent. It is fake and it is murder.
If you EVER peddle the myths and lies of austerity that the government promotes (Interest rates, deficit reduction or debt reduction) you have blood.on your hands and it is your responsibility to learn and fight back, not double down.
I see.those who LIE and say government "printing money" is creating inflation. You are part of the problem. You have blood on your hands. Don't sugar coat it or you won't see the need to change.
Wouldn't it be great if congress people in charge of administering Article 1, Section 8 of the US Constitution actually understood they have the power of the purse and that the Federal Government is the currency issuer?
Wouldnt it be fantastic if a congress person who we have to rely on NEVER lied or said we spend taxpayer dollars?
Should we literally target any member of congress who doesn't know and is too proud to acknowledge they are uneducated be primaried?
For as long as I have followed politics, the term "tax and spend liberal" stood out as an effective shutdown argument against "progressive" policies.
Previously, Grover Norquist and the "NEVER raise taxes" pledge all Republicans sign to get funding and stave off primary challenges has made that mantra even more of a stonewalled nothing burger for progress
As people desperate for change, we see empirically that beyond rigged elections and paid off politicians, the people are steeped in the idea that the nation is broke, floundering in debt, incapable of doing great things and thus they do not unite to force the issue.
For anyone looking at "where does the money come from" on the miniscule #StudentDebt point shaving experiment... no money was created. The institutions were already paid. A government backed debt was simply no longer pursued for 10k. Nothing more than a ledger entry -10,000.
The Fed Government held the debt. However, we know your hero @POTUS made discharging student debt through bankruptcy impossible and he also made regular bankruptcy more challenging for people to discharge as well. That is very different than medical debt which can be discharged.
So what happens when folks come asking... demanding... #Reparations? Did folks learn about how Federal Finance works? Do they understand how to fight for their cause? How about National Improved Medicare for All? Did anyone actually address the funding mechanism so people get it?
One of the most important factors of a program like a Federal Job Guarantee or Medicare for All is that they cannot be "budgeted" for as programs like the #FJG are automatic stabilizers that rise and fall based on economic triggers that put them into play. Similarly with #M4A
If a pandemic sweeps through, a Federal Medicare for All would simply make payments and the costs would be irrelevant to the population.
Same with a Job Guarantee. If there is a downturn in the economy, triggers like unemployment would propel people onto the Federal Job Guarantee. Budgeting is irrelevant. It ebbs and flows based on the macroeconomic state of the economy at any given time.