If you think the so-called Department of Government Efficiency (DOGE) is saving some of your hard-earned tax dollars, then you don’t understand money. The federal government, being the issuer of the U.S. dollar, creates new dollars from thin air every time it spends. It does this by using a computer to mark up the size […]
DOGE Is Not Saving Any Tax Dollars Read More »
Republicans in Congress are proposing cuts to many programs that benefit Americans: Social Security, Medicare, Medicaid, the Affordable Care Act, etc. They cite the national debt, currently over $34 trillion, as the reason we must reduce that debt. If we don’t, they’ll say, we’ll leave an overwhelming burden for our grandchildren. You might share that
The National Debt Is Nothing to Worry About Read More »
Lacking action by the U.S. Congress, Social Security and Medicare will face funding shortfalls within the next ten years. Both parties claim they won’t cut the programs, but their past “reforms” to strengthen them have been cuts under different names: raising the eligibility age, taxing benefits, limiting COLAs, etc. Social Security’s OASI (old age and
Saving Social Security and Medicare From Their Saviors Read More »
Economist John Kenneth Galbraith said: “The process by which money is created is so simple that the mind is repelled.” If you ask most people where money comes from, they’ll say they get it from their employer. The employer, in turn, gets it from customers who get it from their employers who get it from
Money From Thin Air Read More »
Congress is currently debating ways to “save” Social Security and Medicare. As has been reported repeatedly, the programs’ trust funds will soon be depleted. Should you be concerned? Absolutely, but not in the way you might think. Social Security and Medicare comprise two trust funds each. The former has the Old-Age and Survivor’s Insurance (OASI)
Saving Social Security? Read More »
This 2014 article from David Graeber is still just as relevant today as it was then: https://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity
The truth is out: money is just an IOU, and the banks are rolling in it Read More »
The U.S. national debt has surpassed $30 trillion. Should we be worried? Like many people, I used to view the national debt the same way I viewed my personal debt. My household can borrow only so much money before we get into trouble. If we’re unable to make payments on time, we could get hit
National debt surpasses $30T – should you be worried? Read More »
Here’s an excellent talk by Bill Mitchell about how most progressives fall into the trap of using neoliberal framing, usually without realizing it. He also gives some examples of how to change the conversation to avoid that trap and to make positive change more likely.
Most Progressives are Neoliberals in Disguise Read More »
Here’s an excellent editorial from Raúl Carrillo & Jesse Myerson on the myth of “taxpayer money”. When it came to explaining money, Margaret Thatcher was either a doofus or evil. I don’t think she was a doofus.
The Dangerous Myth of ‘Taxpayer Money’ Read More »
If Forbes can get behind the Green New Deal, then so can you. Also, your federal taxes don’t pay for anything. Read and learn.
Stephanie Kelton isn’t worried in the least about trillion-dollar deficits. Nor should she be.
Deficit? Schmeficit! Read More »
CBC Radio posted a discussion of MMT in the midst of the COVID-19 pandemic. It was generally well done, and I recommend you listen to it (37 minutes). The reporter provided a decent overview of economics from Keynesianism through monetarism to the present day. On the whole, he was fair and objective. However, I heard a
When Milton Friedman proclaimed that shareholder value was the only thing that mattered, he essentially launched the neoliberal mindset that has been rotting the world for nearly half a century. And many people still haven’t figured it out (or have a vested interest in not doing so). Steve Denning explains.
Milton Friedman: Dumbest Idea Man Read More »
Nouriel Roubini, that is. He’s been right before.
Dr. Doom Predicts Doom Read More »
An interview with Philip Mirowski.
Why the Neoliberals Won’t Let This Crisis Go to Waste Read More »
Marketplace – Kai Ryssdal and Molly Wood – finally discussed MMT with Stephanie Kelton. I hope they learned a few things.
MMT on Marketplace Read More »
Modern Monetary Theory (MMT) is getting a lot of attention these days, but many mainstream commentators still mischaracterize it. Yeva Nersisyan and L. Randall Wray set the record straight.
The Myth of “Helicopter Money” Read More »
There are myriad definitions and variations of socialism. If you don’t believe me, check out the term’s Wikipedia page. Things that have been called socialist: publicly owned lands, such as state and national parks [1] eminent domain [1][2] Social Security [1][3] the New Deal [1][5] public housing [1] the civil rights movement [1] bank
For the Kansas City Chiefs, a 14-point deficit at half-time is a problem. But that means their opponent has a 14-point surplus. Is that a problem for them? Of course not. The “federal debt” is the private sector’s savings. Personally, I’m happy to have some of those savings. How about you? Read more in this Financial
Here’s an excellent article, by Sam Adler-Bell, on how we can afford the programs we so badly need.
There was always a way to pay for the programs we need Read More »