Tuesday, November 21, 2017

Phil McDuff — A budget to increase national debt? That would be a pay rise for Britain


MMT in the Guardian!

The Guardian
A budget to increase national debt? That would be a pay rise for Britain
Phil McDuff

6 comments:

Matt Franko said...

"Even the meagre deficit we’ve been running since the crash could have been better spent."

If its accounted for as 'the deficit' ex post then it was saved not spent... this is textbook 'deficit too small!' 101 type thinking...

Matt Franko said...

"It is not an exaggeration to say that the global financial crisis had its roots in the much lauded “great moderation” of Clinton’s budget surpluses."

Uh yes it is not an exaggeration it is a figure of speech and unscientific...

This is 'stability creates instability!" type magical thinking...

Ralph Musgrave said...

Nice Guardian article, though the claim that one finance minister is constrained by his predecessor is strange (“he’s constrained by George Osborne’s decisions from 2010.”)

Hammond can run any size deficit he wants.

Neil Wilson said...

"Hammond can run any size deficit he wants."

Hammond has little control over the size of the deficit. It is market determined

So he'll get the size of deficit he gets.

Matt Franko said...

Exactly Neil...

This is these people’s shortcomings exposed.... you can’t do this via sloganeering ....

Schofield said...

"Hammond has little control over the size of the deficit. It's market determined."

Straight back to 1936 and Keynes:-

http://forskning.ruc.dk/site/files/32845977/Jespersen_General_Theory_becoming_75_years.pdf