Our nation’s finances are a blistering topic. Democrats blame Republicans for "blowing up the deficit" with tax cuts, while Republicans insist that programs such as Social Security and Medicare are the real drivers of our fiscal mess. As politicians fight over who’s at fault, an important debate is getting lost in the fog. Professor Kelton casts a different light on these fiscal feuds and the budget deficit, arguing that both sides are missing the bigger picture when it comes to paying for our future. Stephanie Kelton is a professor of public policy and economics at Stony Brook University. Before joining Stony Brook, she chaired the Economics Department at the University of Missouri—Kansas City, where she taught for seventeen years. She served as chief economist on the U.S. Senate Budget Committee (Democratic staff) in 2015 and as a senior economic adviser to Bernie Sanders’s 2016 presidential campaign. She is a former editor-in-chief of the top-ranked blog New Economic Perspectives and member of the TopWonks network of the nation’s best thinkers.
Friday, October 19, 2018
Stephanie Kelton - Presidential Lecture Series: Stephanie Kelton
Warren Mosler tweeted this saying he liked it. Who was it that said that he doesn't like the left wing economists who have taken over MMT?
Our nation’s finances are a blistering topic. Democrats blame Republicans for "blowing up the deficit" with tax cuts, while Republicans insist that programs such as Social Security and Medicare are the real drivers of our fiscal mess. As politicians fight over who’s at fault, an important debate is getting lost in the fog. Professor Kelton casts a different light on these fiscal feuds and the budget deficit, arguing that both sides are missing the bigger picture when it comes to paying for our future. Stephanie Kelton is a professor of public policy and economics at Stony Brook University. Before joining Stony Brook, she chaired the Economics Department at the University of Missouri—Kansas City, where she taught for seventeen years. She served as chief economist on the U.S. Senate Budget Committee (Democratic staff) in 2015 and as a senior economic adviser to Bernie Sanders’s 2016 presidential campaign. She is a former editor-in-chief of the top-ranked blog New Economic Perspectives and member of the TopWonks network of the nation’s best thinkers.
Our nation’s finances are a blistering topic. Democrats blame Republicans for "blowing up the deficit" with tax cuts, while Republicans insist that programs such as Social Security and Medicare are the real drivers of our fiscal mess. As politicians fight over who’s at fault, an important debate is getting lost in the fog. Professor Kelton casts a different light on these fiscal feuds and the budget deficit, arguing that both sides are missing the bigger picture when it comes to paying for our future. Stephanie Kelton is a professor of public policy and economics at Stony Brook University. Before joining Stony Brook, she chaired the Economics Department at the University of Missouri—Kansas City, where she taught for seventeen years. She served as chief economist on the U.S. Senate Budget Committee (Democratic staff) in 2015 and as a senior economic adviser to Bernie Sanders’s 2016 presidential campaign. She is a former editor-in-chief of the top-ranked blog New Economic Perspectives and member of the TopWonks network of the nation’s best thinkers.
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35 comments:
None of them are objective ...
A full hour of basic MMT, with no mention of the silly “job guarantee.”
Nice.
Last week I passed a pet shop that was offering a sale on a "talking parrot."
The parrot kept repeating, "I'm a genius! None of you are qualified! Get yer munnie back! You guys are anti-war! Art major! Art major!"
I was amazed. But when I got it home, I realized that the above words were all the parrot would ever say, and the damned thing would never shut up. I mean never.
So I chopped off its head and tossed it to my cat.
LOL
"None of them are objective ..."
Do tell us your objective position on class relations in regard to economic distribution in the United States Matt. Do they need to be addressed or are they as perfect as they ever will be?
That’s all Philosophy ... People who earn Art degrees... non-material issue ...
Scho none of that has anything to do with material systems administration... iow those decisions are not made thru scientific methods...
The stupid parrot is dead, but its hideous screech continues to haunt us.
Non-material!
Non-objective!
I’m a genius!
Art degrees!
Art degrees!
We already have the Humphrey Hawkins Full Employmeny Act as established law...
https://en.m.wikipedia.org/wiki/Humphrey%E2%80%93Hawkins_Full_Employment_Act
What is the problem????
None of you are qualified!
Get yer munnie back!
You guys are anti-war!
Art major!
Art major!
I'm a genius!
WHACK!!
Off went its head.
Go back to playing Scrabble....
"Scho none of that has anything to do with material systems administration... iow those decisions are not made thru scientific methods..."
Surely you're not telling us Matt you read some entrails to determine Stephanie Kelton's an out-of-touch die-hard Leftie? Just trying to determine your source or method of divination! Guess you aren't going to tell us!
FRANKO™
Performing live daily demonstrations of the Dunning-Kruger Effect.
The Dunning-Kruger Effect is a cognitive bias in which unskilled individuals suffer from illusory superiority, mistakenly rating their ability much higher than it is.
Last night I dreamed that I was not human, but a stupid little maggot.
This morning I realized that I am actually a stupid little maggot dreaming that I am human.
~ Lao-Tzu Franko
Yo, She was the economic advisor to a Democrat candidate for president???
Bill Mitchell meets with UK Labor Party representatives....
????
What more evidence do you need ????
These are political partisans...
And unsuccessful ones at that....
MMT at its core is politically neutral, like the theory of aerodynamics. Bernie Sanders asked Kelton to be an economic adviser, and she said OK. If Trump asked her to be an economic adviser, she would say okay.
"None of you are qualified!
Get yer munnie back!
You guys are anti-war!
I'm a genius!
Art major!"
--WHACK!
Here’s Bill recently:
“I mean by that, that while MMT provides a clear lens for viewing the system, to advance specific policy platforms, one has impose a value system (an ideology) onto that understanding.”
http://bilbo.economicoutlook.net/blog/?p=40035
They are not politically neutral... they are Democrat/Labour allied....
Republicans and leading Democrats are equally neoliberal, whereas MMT at its core (without silly things like the "job guarantee") is non-partisan.
Basic MMT does not explain what should happen, but what actually does happen.
"None of you are qualified!
Get yer munnie back!
I'm a genius!
Art major!"
--WHACK!
MMT is neutral. Republicans can use it for tax cuts for the rich and military spending, as they do, but it really shines when the left apply it.
The government can deficit spend to boost the economy and the GDP will grow. Then more people will be employed and there will also be more successful entrepreneurs earning good money as well. Then, when the economy is approaching full potential there will be lots of people earning decent money and so the tax burden would be low as it is spread out more.
Very busy these days: Wall Street’s agents
Comment on Kaivey on ‘Presidential Lecture Series: Stephanie Kelton’
Matt Franko cites Bill Mitchell: “I mean by that, that while MMT provides a clear lens for viewing the system, to advance specific policy platforms, one has impose a value system (an ideology) onto that understanding.” and resumes “They are not politically neutral... they are Democrat/Labour allied....”
NO!
MMT is NOT a clear scientific lens but an obscure political smoke-screen. Science tells everyone that Public Deficit = Private Profit and this follows straight from the TRUE sectoral balances equation (X−M)+(G−T)+(I−Sm)−(Qm−Yd)=0 which compares to the FALSE MMT balances equation (X−M)+(G−T)+(I−S)=0 which obviously LACKS/HIDES macroeconomic profit.
The scientific content of MMT is ZERO. Looking at the economy through the MMT lens is as enlightening as looking through the toilet seat.
Of course, MMT is NOT politically neutral. Just the opposite. MMT is plain political agenda pushing, and it is NOT for the cause of WeThePeople but against it. MMT is an attempt to capture the genuine grassroots movements in the US and the UK. Under the banner of Progressives, MMTers pretend to overtake the traditional Left and to be the true Friends-of-the-People.#1…#7
Bill Mitchell resumed his recent meeting with John McDonnell in London: “I said that the social democratic parties had let the progressive side of politics down in recent years and that it was good to see this oppositional left capacity coming back into British politics to give people an effective choice.”
Isn’t it a bit curious that an academic from Australia tours around the world and lectures the Labour Party? It is NOT curious at all if one sees Bill Mitchell and Stephanie Kelton as fake scientists and agents of Wall Street.
Bloomberg hypes Warren Mosler as a “hedge fund guy Lefties can love” and Tom Hickey sells MMT on this blog as modern Marxism. This is more than naive because Alternative History has in the meantime arrived at the conclusion that “Karl Marx is, and always was, a double agent working for bankers and industrialists.”#8
Economics has finally to get rid of 200+ years of political BS. The scientific and historical fact of the matter is: deficit-spending/money-creation is and has always been a program for the self-alimentation of the Oligarchy.#9
Bill Mitchell reports: “JMD [John McDonnell] began the meeting by asking me ‘What are we getting right?’” My guess is that Bill Mitchell told him that Labour has still some way to go to meet Wall Street’s strategic goals.
Egmont Kakarot-Handtke
#1 MMT: agenda-pushing and money-making for the Oligarchy
https://axecorg.blogspot.com/2018/10/mmt-agenda-pushing-and-money-making-for.html
#2 MMT and the promotion of Wall Street socialism
https://axecorg.blogspot.com/2017/11/mmt-and-promotion-of-wall-street.html
#3 MMT, Warren Mosler, and the little helpers from Wall Street and Academia
https://axecorg.blogspot.com/2018/10/mmt-warren-mosler-and-little-helpers.html
#4 The Kelton-Fraud
https://axecorg.blogspot.com/2018/07/the-kelton-fraud.html
#5 MMT, Bill Mitchell, and the lack of basic scientific integrity
https://axecorg.blogspot.com/2018/08/mmt-bill-mitchell-and-lack-of-basic.html
#6 MMTers are NOT Friends-of-the-People
https://axecorg.blogspot.com/2018/08/hope-you-get-it-mmters-friends-of-people.html
#7 For the full-spectrum refutation see cross-references MMT
http://axecorg.blogspot.de/2017/07/mmt-cross-references.html
#8 Reddit
https://www.reddit.com/r/AlternativeHistory/comments/4lv8jx/premise_karl_marx_is_and_always_was_a_double/
#9 MMT = proto-scientific junk + deception of the 99-percenters
https://axecorg.blogspot.com/2018/01/mmt-proto-scientific-junk-deception-of.html
“Bill Mitchell and Stephanie Kelton as fake scientists and agents of Wall Street.”
That’s absurd... they hate Wall Street...
If they were ever successful and fully imposed their policies Wall Street would suffer as Reserve Assets would surge without Treasury issuance and the banks would all become insolvent again....
They are ignorant of much wrt current regulatory operations but certainly not shills for Wall Street...
Positive yields on USTs are a relic of the Gold Standard when the US was NOT monetarily sovereign while on it.
So how about we abolish that relic, eh? And that would include abolishing IOR (Interest on Reserves) too.
Likewise, out current two-tier money system whereby fiat use is largely confined to the banks, etc. is also a relic of the Gold Standard.
So how about we abolish that relic too?
The problem with the MMT folks is that that they wish to keep some relics of the Gold Standard while advocating the increased use of inexpensive fiat.
But new wine (inexpensive fiat) requires new wine skins (the elimination of all privileges for the banks,etc). (Matthew 9:14-17), haven't they heard?
If they were ever successful and fully imposed their policies Wall Street would suffer as Reserve Assets would surge without Treasury issuance and the banks would all become insolvent again.... Franko
Not that I should ever wish to help the government-privileged usury cartel but it's clear that "Reserve Assets" should be excluded when calculating the Supplemental Leverage Ratio (SLR) since those are OBJECTIVELY risk-free and thus not subject to self-serving risk assessment by the banks which the SLR is meant to counter.
Tell it to the MMT people double A.... that mod is not in their policy prescriptions...
Bank reform passed earlier this year tried to at least make a small adjustment there at the SLR and MMT opposed it along with Pocahontas...
and MMT opposed it along with Pocahontas... Franko
Well, it does solve a problem I pointed out which is how to keep the banks from blowing another bubble when deficit spending causes the economy to recover. Clever ...
But like I've said 100% private banks with 100% voluntary depositors should be as free as other businesses.
But you don't want 100% private banks with 100% voluntary depositors, do you Franko?
I want whatever works....
AA there is nothing glorious about any of this... it’s not that complicated....
If you have the correct training...
. it’s not that complicated.... Franko
Short term "solutions" often aren't.
But what do you intend to do about the increasing number of those dis-employed with what is, in essence, the public's credit but for private gain?
JG fan are you?
“Increasing disemployed”
Yo, employment is increasing...
That said at some point Probably need both a JG and a UBI/disability program.... expanded govt pension system... some other things...
I sympathise with Konrad's jaundiced view of JG. To be more accurate, I think it's an idea with possibilities, but unfortunately the Levy lot pushing it (Tcherneva, Randy Wray etc ) are clueless.
Matt Franco, Andrew Anderson, Ralph Musgrave
Lest the crucial point doesn’t get lost: Stephanie Kelton, Bill Mitchell, and the other MMT loudspeakers push ― intentionally or unintentionally doesn’t matter ― the agenda of Wall Street#1 and you are ― intentionally or unintentionally doesn’t matter ― obscuring this fact with your waffling about the Job Guarantee. Therefore, you are ― intentionally or unintentionally doesn’t matter ― complicit in political fraud.
Egmont Kakarot-Handtke
#1 For details of the big picture see cross-references MMT
http://axecorg.blogspot.de/2017/07/mmt-cross-references.html
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