Sunday, April 8, 2012
beowulf — (MMT – JG) + Medicare = MMT
The ever-resourceful beowulf (Carlos Mucha) strikes again.
Carlos observes that tactically James K. Galbraith is for an indirect approach to job creation, chiefly through the non-profit sector, that has a chance of being implemented politically in the US, rather than the MMT JG, which he sees as politically impractical at this time. Joe Firestone also gets a plug for suggesting how single-payer could result in job creation as well as more effective and efficient coverage for the population.
Carlos goes on to develop a specific approach that he suggests is more feasible politically than an MMT JG because it would be funded through the Fed rather than budgetary appropriation, a politically contentious process.
Thinking pragmatically, I don't think that any program that expands social welfare significantly is feasible politically at this time in either the US, UK, or EZ due to the political climate. The dominant trend is still Thatcherism aka neo-liberalism. The prevailing Zeitgeist is dominated by neo-liberalism, neo-imperialism, and neo-colonialism.
Until this spirit of the time runs its course, perhaps as a result of fallout from the next shock, welfare is going to take a back seat to unbridled acquisition and its push to make the world safe for laissez-faire capitalism.
So there will be plenty of time to hash this out in preparation for a change of eras.
Read it at Modern Monetary Realism
(MMT – JG) + Medicare = MMT