Today, I’m going to discuss what a currency peg is, which will prepare you to understand my discussion on the Job Guarantee, the reason why a standalone basic income guarantee is all the rage as “the” solution, and why the Job Guarantee is dismissed by politicians around the world. Much of what I discuss with you today will be a review, which it is, but we need to add a little bit more to your knowledge and understanding of the concept of a peg, and what its purpose is.
There is a very good reason why politicians around the world are pushing for a basic income and ignoring the Job Guarantee.
The reason for it is not what you think it is.
Nonsense arguments about automation making labor meaningless; about the JG being big government socialism; about the JG being “workfare”, make-work ditch-digging jobs – all of these arguments are talking points handed down to basic income advocates. They mask the real reason why politicians and Very Important Persons oppose the Job Guarantee and why they are pushing a basic income as “the” solution.
Today, we will use gold as our peg example. First, very briefly, let’s define reality.Ellis Winningham — MMT and Modern Macroeconomics
On the Reason Why a Job Guarantee is Rejected in Favor of a Standalone Basic Income Guarantee