Wednesday, March 22, 2017

Trumponomics: causes and consequences – Part I – RWER issue no. 78

Auerback, Galbraith, Hudson, Kelton, Wray, Tcherneva provide an MMT-based critique of Trumponomics. 

Real-World Economics Review Blog
Trumponomics: causes and consequences – Part I – RWER issue no. 78

Preface          download pdf
Trumponomics: everything to fear including fear itself?          3
Jamie Morgan          download pdf                                                                           
Can Trump overcome secular stagnation?          20
James K. Galbraith            download pdf                              
Trump through a Polanyi lens: considering community well-being          28
Anne Mayhew            download pdf                                                                                    
Trump is Obama’s legacy. Will this break up the Democratic Party?          36
Michael Hudson          download pdf
Causes and consequences of President Donald Trump          44
Ann Pettifor               download pdf                                 
Explaining the rise of Donald Trump          54
Marshall Auerback          download pdf 
Class and Trumponomics          62
David F. Ruccio          download pdf 
Trump’s Growthism: its roots in neoclassical economic theory          86
Herman Daly          download pdf 
Trumponomics: causes and prospects          98
L. Randall Wray          download pdf 
The fall of the US middle class and the hair-raising ascent of Donald Trump
Steven Pressman          download pdf          112
Mourning in America: the corporate/government/media complex          125
Neva Goodwin          download pdf 
How the Donald can save America from capital despotism          132
Stephen T. Ziliak          download pdf 
Prolegomenon to a defense of the City of Gold          141
David A. Westbrook          download pdf 
Trump’s bait and switch: job creation in the midst of welfare state sabotage
Pavlina R. Tcherneva           download pdf          148
Can ‘Trumponomics’ extend the recovery?          159
Stephanie Kelton           download pdf 
Board of Editors, past contributors, submissions and etc.          173


Ryan Harris said...

Bridgewater's own reckoning of "populism"

Ryan Harris said...

What does it mean when Dalio's elite Wall Streeters sound nearly as pessimistic and left-wing about inequality as all the economists and Piketty and Trotsky's Grandkid?

It doesn't make sense to me because the view out my window isn't that bad.

Matt Franko said...

These are mostly boomers and Title 7 beneficiaries commenting here... so you will get those types of peoples povs...

Matt Franko said...

Lots of virtue signaling ...

Matt Franko said...


"As with Reagan, higher interest rates – especially if they come before the fiscal effects kick in, will play havoc with credit-dependent sectors of the economy. Here at home, the pinch may fall largely on corporate borrowing and on automobile and student loans. The net depends on scale and timing: under Reagan the recession came first, because the monetary shock was very strong and it hit before the tax cuts and military spending boom took effect. This pattern could be repeated, even though the level of nominal interest rates need not approach the extremes of the early 1980s. But an equally or more important effect could come from the consequences of this policy mix for a price that Trump and his team do not directly control: the exchange rate of the US dollar.
Expected higher interest rates have already raised the value of the dollar. Higher interest rates will drive it up even more."

I would be interested to look at net TGA withdrawals leading up to the first Reagan recession.... I don't think the data exists ... my hunch would be withdrawals were flat to down ....

... then as I remember it it was a moonshot with the higher rates until they did the tax increases in 1986 and collapsed the price of property by increasing the depreciation of property from 15 years to the 27.5 years and created the S&L crisis....

Also Galbraith is bullish USD with the higher rates... we'll see...

Bob said...

TrumpRyanomics = Ordoliberalism?

Ryan Harris said...

"I would be interested to look at net TGA withdrawals leading up to the first Reagan recession.... I don't think the data exists"

Give 'em a call at the:
Budget Reports Division
(202) 874-8044

My guess is there aren't digital records transcribed to the website but they have paper copies available going back forever.

Ryan Harris said...

"Hi I'm Matt Franko, a reporter from Mike Norman Economics" --> You know that gets an instant hang-up from the information official at the Treasury. Infamous MMT bastards in an orthodox world.

Matt Franko said...

Ryan it would be now the CMS at US Treasury... you have to get the Cash Basis reports like the DTS reports out these days... if it's not cash basis I don't look at it...