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The balanced budget view is enshrined in current Congressional policy, too, particularly due to the 2010 Statutory Pay-As You-Go (PAYGO) Act and the 2011 Budget Control Act that essentially require that any fiscal policy that would increase spending or lower tax revenues be “offset” by other changes to spending or taxes.
But he doesn't seem to know that much or most of the spending he would like has already been exempted from Paygo. Medicare for All, GND type stuff. That was what Ocasio-Cortez et al got over the threat of the Speaker's election fight last year. Jimmy Dore et al wanted to have an open battle over M4A vote. The important Paygo exemptions are what the progressives got in exchange for re-electing Pelosi, who needed a majority of the House, not just of the Dems. It was the right and the smart decision.
So of course most of the "Left" moronically excoriated AOC & the Squad etc for not having the loud battle they wanted, and called them sellouts. When they should have been thanking them for a real victory - which thus seems to be completely unknown!
So where is M4A, and a GND? Where is the 15 dollar minimum wage, and a job guarantee? Where are the policies and the spending that "progressives" desire?
5 comments:
You’ve got to be kidding me….
Excellent summary. Sort of reminds me of JM Keynes "Can Lloyd George Do It?" published in 1929. Thank you Professor Wray.
Wray writes:
The balanced budget view is enshrined in current Congressional policy, too, particularly due to the 2010 Statutory Pay-As You-Go (PAYGO) Act and the 2011 Budget Control Act that essentially require that any fiscal policy that would increase spending or lower tax revenues be “offset” by other changes to spending or taxes.
But he doesn't seem to know that much or most of the spending he would like has already been exempted from Paygo. Medicare for All, GND type stuff. That was what Ocasio-Cortez et al got over the threat of the Speaker's election fight last year. Jimmy Dore et al wanted to have an open battle over M4A vote. The important Paygo exemptions are what the progressives got in exchange for re-electing Pelosi, who needed a majority of the House, not just of the Dems. It was the right and the smart decision.
So of course most of the "Left" moronically excoriated AOC & the Squad etc for not having the loud battle they wanted, and called them sellouts. When they should have been thanking them for a real victory - which thus seems to be completely unknown!
So where is M4A, and a GND?
Where is the 15 dollar minimum wage, and a job guarantee?
Where are the policies and the spending that "progressives" desire?
In Calcagus' fantasy world.
Dems are negotiating with themselves…
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