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https://twitter.com/GeorgeSelgin/status/1790300102667460988...chasing debt/deficit to GDP ratios but by designing better automatic (esp employment) stabilizers. The JG/ELR is self limiting unlike pump priming and works with a fixed price-floating spending mechanism. The goal: full empl, better infl control, distribution, real outcomes
https://twitter.com/KarlWiderquist/status/1380870037775527937The deficit is not under govt's control. Govt can appropriate budgets, but cannot control actual spending. Some line items are automatic. Govt can set tax rates, but cannot control size of tax collections. They are endogenously determined by changing incomes, profits, etc.
https://twitter.com/ptcherneva/status/1344035918596829185Automatic stabilization: Both $600/wk UI and JG will provide counter cyclical spending. But UI will be weaker. Counter-cyclical stabilization is not just about the absence of income. It is also about the transmission and structure of economy
https://twitter.com/ptcherneva/status/1243929284378583042?s=20
https://twitter.com/rortybomb/status/1148990897838800898?s=19
https://twitter.com/Noahpinion/status/11118621710240235521. Abba Lerner was clear “functional finance is not priming the pump” (1951). If we wanted tight full employment, he argued, direct job creation in the form of public works may be necessary in order to attain and maintain full employment and price stability.