Pelosi’s planned legislative package for the beginning of a potential House takeover would include establishing ethics and lobbying reforms, lowering the costs of health insurance premiums and prescription drugs, and spending $1 trillion for infrastructure investment. The latter two would cost money, and under pay-go it would all have to be offset.
That’s not necessarily a problem — liberals have plenty of ideas for how to raise revenue. But it puts them in a box, having to propose tax increases that Republicans gleefully broadcast. Meanwhile, Republicans, unconcerned with deficits, get to play Santa Claus, without having to match tax cuts with anything unappealing.
In a statement, Kelton said that “pay-go is a self-imposed, economically illiterate approach to budgeting.” Republicans, she said, know this, which is why “they have unabashedly used their power to expand deficits and, hence, deliver windfall gains for big corporations and the already well-to-do.”
She continued, “Instead of vowing budget chastity, Democrats should be articulating an agenda that excites voters so that they can unleash the full power of the public purse on their behalf.”
The Intercept
Promises, promises.
ReplyDeleteAnybody who believes anything Pelosi says is delusional.
ReplyDelete“Republicans, she said, know this, ”
ReplyDeleteShe has an Art Degree guaranteed....
If you ever said something intelligent, I would die from the shock.
ReplyDeletePelosi graduated from Notre Dame with a bachelor's in political science, and since then has sustained her career by serving neoliberals.
You are such an f-ing imbecile that you should run for political office. You'd fit right in.
The quote was from SK...
ReplyDeletePelosi went to Notre Dame (all girls adjunct to Loyola) in Baltimore for high school, then Trinity (all girls adjunct to Catholic U in DC) for college... she comes from a connected Baltimore Democrat machine politics family...
Wiki:
"In 1962, she graduated from Trinity College in Washington, D.C. with a B.A. in political science."
"Trinity Washington University's College of Arts & Sciences undergraduate program maintains its original status as a liberal arts women's college. "
So you think the 'A' in 'B.A.' stands for 'science' ?????
"S=A" ????
Get all of your munnie back...
The good news is I'm not in danger of dying from shock.
ReplyDeleteMission impossible: economists join WeThePeople
ReplyDeleteComment on Kaivey on ‘David Dayen: Nancy Pelosi Promises That Democrats Will Handcuff The Democrat Agenda If They Take The House’
Kaivey summarizes: “Warren Mosler recommended this saying it had good quotes from Stephanie Kelton. Some people say that Warren Mosler did not develop MMT for left wing politics, but he seems to like what Stephanie Kelton has to say about public spending. I think we can get rid off the myth that Warren Mosler doesn’t approve of left wing economists like Stephanie Kelton. But are they left wing, they are only proposing a better type of capitalism?”
From the macroeconomic Profit Law follows: Public Deficit = Private Profit. So, clearly, the MMT policy of deficit-spending/money-creation benefits alone WeTheOligarchy. In its naked form, MMT is absolutely unsaleable to WeThePeople. Hence, MMT needs a social fig leaf. It is amply provided by folks like Stephanie Kelton and other self-styled Progressives.#1
Most people have learned by now that, more often than not, politics is a fraud. This holds in any case for MMT. What is made to appear as social policy in the interest of WeThePeople is in effect a policy of perpetual self-alimentation of WeTheOligarchy.
The heavily biased distribution of income and financial wealth, which is with overwhelming clarity before all eyes, is a direct result of continuous deficit-spending/money-creation and the resulting perpetual growth of public debt.#2
The demonstrative care for jobs, health, education, social cohesion, public infrastructure, environment, etcetera is the banner that Stephanie Kelton and the rest of the MMT sales team waves before the peoples’ eyes in order to cover their one-percenter agenda.
As we speak, Stephanie Kelton, her academic fellow campaigners and the hyper-active MMT sales force on the social media pull off “one of the greatest cons ever perpetrated on the American people.”#3
Academic economics has entirely abandoned scientific standards and integrity. Economists over the whole spectrum from Orthodoxy to Heterodoxy, from Paul Krugman to Brad DeLong to Simon Wren-Lewis to Stephanie Kelton to Bill Mitchell to Lars Syll to Yanis Varoufakis are full-time media clowns and useful political idiots.
What we have with MMT is Warren Mosler and other Wall Street folks as promoters of MMT and some academics who provide social credibility and some proto-scientific voodoo.#4, #5
As a matter of principle, it is entirely beyond the capacity of economists in general and MMT, in particular, to make a valuable contribution to the advancement of humanity because economics has no sound scientific foundations to this day.#6
Egmont Kakarot-Handtke
#1 MMT: How WeTheOligarchy communicates with WeThePeople
https://axecorg.blogspot.com/2018/09/mmt-how-wetheoligarchy-communicates.html
#2 Keynes, Lerner, MMT, Trump and exploding profit
https://axecorg.blogspot.com/2017/12/keynes-lerner-mmt-trump-and-exploding.html
#3 Stephanie and Noah ― economics at the intellectual zero lower bound
https://axecorg.blogspot.com/2018/09/stephanie-and-noah-economics-at.html
#4 MMT and the promotion of Wall Street socialism
https://axecorg.blogspot.com/2017/11/mmt-and-promotion-of-wall-street.html
#5 How MMT enlightens Washington
https://axecorg.blogspot.com/2018/05/how-mmt-enlightens-washington.html
#6 For details of the big picture see cross-references Political Economics/Stupidity/Corruption
https://axecorg.blogspot.com/2015/11/political-economics-cross-references.html
It's Kevin to my friends, Egmont.
ReplyDelete"Now, the scientific fact of the matter is that from the macroeconomic Profit Law follows: Public Deficit = Private Profit. So, what is made to appear as a social policy in the interest of WeThePeople is in effect a policy of perpetual self-alimentation of WeTheOligarchy"
ReplyDeleteIf the money is spent on public services (which could also be an investment), why is this not a worthwhile thing? How does that work against the public? Eventually, in the end, the money might end up in the banks of the oligarchs, but it would have driven much of the economy by then creating jobs and prosperity. If it eventuality ends up in the banks of the oligarchs, then why not have an extra tax on them to get it back again.
Kaivey
ReplyDeleteYou say: “Eventually, in the end, the money might end up in the banks of the oligarchs, but it would have driven much of the economy by then creating jobs and prosperity. If it eventuality ends up in the banks of the oligarchs, then why not have an extra tax on them to get it back again.”
You have some serious problems with logic.
(i) MMT is refuted on all counts.#1
(ii) MMT policy guidance has no sound scientific foundations.
(iii) Because of the macroeconomic Profit Law, the MMT policy of deficit-spending/money-creation enriches WeTheOligarchy.
(iv) The social benefits that are promised by MMT are paid for in real terms via stealth taxation by WeThePeople themselves.
(v) The increasing macroeconomic profit that comes with deficit-spending/money-creation increases the funds available to the oligarchy for lobbying.
(vi) So, the Oligarchy could spend more money to lobby for an extra tax in order to neutralize the positive effect of deficit-spending/money-creation on their overall profit.
Yes, they could. But even you understand that this will NOT happen in the remaining lifetime of this planet.
Egmont Kakarot-Handtke
#1 See cross-references
http://axecorg.blogspot.com/2017/07/mmt-cross-references.html