An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, September 14, 2018
Ben Walsh — Stephanie Kelton Wants You to Rethink the Deficit
“Stephanie Kelton has a radical new way for thinking about the economy…”
Simple truth is always “radical” and “new,” no matter how old it is.
“She is part of a school of economic thought known as MMT, which Kelton has helped develop.”
Simple truths are never “developed.” They just are.
“The problem is that Washington always wants to know how to pay for new programs.”
Washington eagerly pays for wars, military contractors, Wall Street bailouts, and corporate subsidies. Each year there is a new record in this spending.
However, any program that helps average Americans is “unsustainable,” and always triggers the question, “How will you pay for it?”
“Why do you think that people generally, and politicians in particular, are stuck on this notion of the government spending being like a household or an individual?”
Politicians lie because they work for the rich, and lying is part of their job. Moreover politicians lie in order to make the masses grovel to them for every drop of water from an inexhaustible well.
As for “people generally,” they echo the lies in order to indulge their hate and their cowardice. If a social program helps both blacks and whites, then whites call it “unsustainable.” Whites (a lot of them anyway) would rather starve than let a morsel fall to blacks.
In their extreme stupidity, average people repeat the lies fed to them by the rich, while congratulating themselves for their “intelligence.” For example, most of the reader comments after the Barrons article are idiotic and cowardly.
“Do you think openness to MMT and view of deficits and government debt is generational? Do old people just not get it?”
Stephanie Kelton says yes. So do I. False paradigms rarely change until the current generation of old people dies off.
“Stephanie Kelton has a radical new way for thinking about the economy…”
ReplyDeleteSimple truth is always “radical” and “new,” no matter how old it is.
“She is part of a school of economic thought known as MMT, which Kelton has helped develop.”
Simple truths are never “developed.” They just are.
“The problem is that Washington always wants to know how to pay for new programs.”
Washington eagerly pays for wars, military contractors, Wall Street bailouts, and corporate subsidies. Each year there is a new record in this spending.
However, any program that helps average Americans is “unsustainable,” and always triggers the question, “How will you pay for it?”
“Why do you think that people generally, and politicians in particular, are stuck on this notion of the government spending being like a household or an individual?”
Politicians lie because they work for the rich, and lying is part of their job. Moreover politicians lie in order to make the masses grovel to them for every drop of water from an inexhaustible well.
As for “people generally,” they echo the lies in order to indulge their hate and their cowardice. If a social program helps both blacks and whites, then whites call it “unsustainable.” Whites (a lot of them anyway) would rather starve than let a morsel fall to blacks.
In their extreme stupidity, average people repeat the lies fed to them by the rich, while congratulating themselves for their “intelligence.” For example, most of the reader comments after the Barrons article are idiotic and cowardly.
“Do you think openness to MMT and view of deficits and government debt is generational? Do old people just not get it?”
Stephanie Kelton says yes. So do I. False paradigms rarely change until the current generation of old people dies off.