But everyone knows the left can’t meme.
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I think the argument in the article is silly. It ignores that the communities they are trying to help are underrepresented in college.
If I was trying to argue for college dept subsidies, I’d argue it as an investment. That those that are educated on average produce more value for a country. That they will end up paying more back in taxes. But since repayment doesn’t produce anymore of these workers, it would have to be something that continues for future students. I think it should start modest. Perhaps just cancelling interest.
Me too. No college debt. Went to community college and worked, did get a bit of help from my parents (I would have had about $15k in loans if they didn’t help). I do think it’s possible that subsidizing college further could result in more money for the government long term.
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I would start a co-op and we would collect mushrooms and ginseng. We would aslo make tie-dyed clothing to sell at concerts. We would use the money to buy puppies ice cream. Because that is adorable.
Then when we need more money we’ll just go to the bank and everyone will be happy.
It will be all public money. None of that corporate stuff or tax money.
In the evenings we’ll sit around the community fire singing songs and telling stories about food. The women will dance and sing and weave bracelets out of their hair because it will fall out from vitamin deficiencies. We won’t be having kids there. Most people can leave them with their parents anyways. No one needs that kind of hassle when trying to build a vibrant and loving community based on equity.
Entrance to the co-op is open to anybody contingent upon their open mindedness, willingness to contribute and a trust fund. Preferably a big one, because the more someone has before they join the more everybody will have when they do.
Leaving is an open door too, but people cant just take everything with them or they’ll be taking from everybody. They just have to leave. Like “over it”.
Yep. Thats how it would work. It would be really cool. Not like all of this corporate stuff.
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Not…public money comes from federal income taxes, corporate income taxes and other sources of fees and taxes
As for Ukraine and the USA sending them billions…its total corruption by this administration and Ukraine
When we bring our trust funds, do we just like dump a bunch of dollar bills into a communal suitcase and take what we need in return? Or will there be someone that decides how much we get to keep?
DISCLAIMER: I don’t have a trust fund, but I would love to be a part of this vision. Sending positive vibez
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No fair, you didn’t control the experiment for hair, tan, or fashion. Only glasses.
I didn’t either, but my children will with very strict guidelines until a certain age.
I would burn everything I have to the ground before I turned what I’ve built over to commies.
You know why? Because I’m not a commie and I can build it again.
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@castoli could do the same with all he has built. And I bet he could build his currency trading business back up too.
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Yes and the accountant basically asked the same question as jerkoff politician Paul Ryan.
And as Greenspan answered. The question is how you set up a system to increase production so that the money spent can purchase the real assets, instead of causing inflation? This is the question. Not where the money will come from.
Guys…guys idiot Andrewgen_Receptors discounts all the posits by MMT economists because it’s easier for him to just ignore it and go on with life with a giant ignorant smile and his ignorant ego.
The claims I’m parroting are not from a liberal arts professor, but MMT economists.
Why are you repeating yourself?
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Maybe you’ve heard of this. Maybe you haven’t.
Now that we’ve got that out of the way and agree on the theoretical framework. How do we implement practically?
Granted, for MMT this question doesn’t arise — but not because of secret truths encoded in accounting identities. The reason is that MMT assumes that the Fed will play no role in fighting inflation. The MMT prescription for monetary policy is “leave the policy rate at zero and issue money as required.” So fiscal policy has to do everything. It has to realize the MMTers’ expansive ambitions for public spending — guaranteed employment, Green New Deal, universal health care, retirement security, tuition-free college, student debt forgiveness and every other highly affordable thing you can think of — and contain the resulting inflationary pressure.
How does MMT propose to do this? Perhaps in due course by raising taxes, though MMTers have mixed feelings about this (to acknowledge the need for tax increases is to suggest that not everything can be afforded). Maybe with direct controls on prices, wages, profits and credit. Perhaps by examining spending minutely, program by program, favoring outlays that mitigate inflationary pressure (say by boosting labor supply) and avoiding those that worsen it (for instance by adding to demand in overstretched sectors).
This is a tall order for a Congress that generally struggles to do anything, never mind execute a demanding new fiscal policy with foresight and technocratic exactitude.
Mainstream economists have long advocated a division of labor between fiscal policy (subject to swirling political pressures, biased by short-term calculation toward inflationary excess) and monetary policy (delegated to independent central banks, charged with anchoring expected inflation). They had reason to. In removing the Fed from the picture, MMT ignores lessons learned over the course of decades.
One more thing: MMTers are right to say they’re proposing a radical change of regime. MMT neuters the institution tasked with controlling inflation, demands unimaginable levels of wisdom and competence in Congress, advocates more government spending, minimizes the costs of inflation, and views talk of fiscal discipline as gibberish.
If MMTers were ever put in charge, inflation expectations would surge before they even made a single policy announcement. Thus the only constraint on spending they acknowledge would tighten at once, throttling their ambitions and hobbling their program at the outset.
Interesting discussion on how any implementation of MMT policies would interact with existing Fed Reserve policy.
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So what you’re telling me, is that if we:
- Owe debt in foreign currency
- Have reduced production output
- Don’t have enough taxes to support our debt
- And continue to spend in a deficit
That we will suffer hyperinflation the likes of the Weimar Republic?
In what world do we not meet every one of these criteria?
Debt to foreign entity? Check.
Reduced production output? Check.
Insufficient taxes to recover from debt? Check.
Continual deficit spending? Check.
But do go on spewing your nonsense.
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In my line of work that would be called a “miss”. See any temporal pattern to the difference by year?
Can ego’s be ignorant?
Do crabs think fish fly?
If you clean a vacuum cleaner, do you become a vacuum cleaner?
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You are truly skilled in the art. These kids and their computer doohickies these days! Wow.
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Did he just assume your ego’s identity?
What a bigot.
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