Economist's View
Obama: How to Achieve 'New Jobs, Stronger Growth, and Lasting Prosperity
Mark Thoma | Professor of Economics, University of Oregon
Thursday, November 12, 2015
Mark Thoma — Obama: How to Achieve 'New Jobs, Stronger Growth, and Lasting Prosperity
Economist's View
Obama: How to Achieve 'New Jobs, Stronger Growth, and Lasting Prosperity
Mark Thoma | Professor of Economics, University of Oregon
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3 comments:
Can Lefties hold their noses on Grand Bargain #1 to move toward Grand Bargain #2?
Grand Bargain #1 - cut corporate taxes and payroll taxes, dollar for dollar, until harmful inflation (3.5%) is reached. This would have to come with a guarantee of current Trustee projections of benefits pay - 100% now and 78% in the 2030s - using general funds to make up any difference.
The Right is happy with their corporate tax cuts; the Left is happy with the payroll tax cuts and the guarantee of SS benefits at least not getting any worse than already projected. The inflationisties heads might of otherwise exploded, but you put them in charge - give them staff at the FED to ponder the lack of emergence of harmful inflation and to provide goldbug websites with dire warnings - result, even they will be happy - at least on the inside, they would still need to be stern fear mongers on the outside - it's their nature.
If we can get Grand Bargain #1 in place, then start on the more difficult Grand Bargain #2 - link decreased taxing, dollar for dollar, to increase spending with the same constraint of harmful inflation (3.5%). Maybe compromise to allow more DoD spending to get more domestic spending (Obama just cut such a deal with the GOP). Get to the point where the Congress critters no longer decide the level of spending/taxing, they're simple told the numbers by technocrats; BUT the critters still get to beat the crap out of each other over what to buy and whose taxes to cut - let's not threaten their sense of job security - at least not yet. ;)
MMTers need to start being less about pure economic/accounting thoughts and get a little dirty getting the politics actually done. Yes, you will have strange bedfellows that you would otherwise detest - get over it.
I see what your saying but this is more third way thinking, if you can't beat them, get what concessions you can within the current system... right?
The naivety of third way thinking has been exposed. These types of bargain with the establishment won't reverse the inevitable decline for Joe Normal. It's just providing better cover for the underlying elite rape and pillage.
The fight has to be fought. Radical action is needed and some very dangerous ideologies need to be marginalised. Make no mistake, the population is getting more radical every day.
It's not about purity of ideas, jump into bed with a wolf unarmed and see what happens.
Appeasement doesn't work - except for the fickle middle class.
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