Bill Mitchell — US Democratic Party should be dissolved

The US Democratic Party has lost its right, in my view, to attract the progressive vote.
The CBO Report, which I will discuss in technical terms tomorrow, really just estimated that the latest policy shift under Trump will increase the US fiscal deficit and public debt ratio.

The main game should have been on debating whether the the composition of the US fiscal deficit was beneficial to all Americans or not, rather than running a hysterical political response about the need to cut deficits and stop the public debt sacrificing the prosperity of future generations.

It should also attack the public debt issuance in terms of its corporate welfare aspects and the fact that the US government spending is not reliant on raising revenue from either taxes or debt-issuance.

Unfortunately, the Democrat leadership do not seem to know any better than just mouthing the neoliberal refrain.

America is an excellent example of the ability of a narrative to influence the public mindset, and why control of the narrative is essential for the ruling class.

Since the ruling elite control the media through ownership, the only conflict over the narrative is among factions of the elite, all of which agree that the power elite must be preserved. The GOP and Democrats are bipartisan on this.

It is clear that the political arm of the Party, at least, is infested with neoliberal mantras, which only perpetuate everything they claim to oppose.

All this talk of “wealthiest 1 per cent” and “massive tax breaks to the largest corporations and wealthiest Americans”, the Democrats have been instrumental in ensuring policy is biased towards these groups.…

Bill Mitchell – billy blog
US Democratic Party should be dissolved
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia