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letsgetitdone's picture

An Excerpt from Real Fiscal Responsibility, Vol I: the Progressive Give-up Formula

Below is an excerpt from my most recent e-book: Real Fiscal Responsibility, Vol. I: The Progressive Give-up Formula. The book is volume I of II critiquing austerity politics at the Federal level in the United States. It exposes its fallacies, its closed-mindedness and futility, and especially its reliance on wrong-headed conceptions of fiscal sustainability and fiscal responsibility.

In this volume, I relate neoliberalism, the Washington Consensus, and austerity politics pushed by the powers that be among the DC Village progressives, and the ideas of fiscal sustainability and fiscal responsibility, to the perspectives of Modern Money Theory (MMT), including MMT-based ideas about fiscal sustainability and responsibility. I also explain what I mean by real fiscal responsibility, rather than faux fiscal responsibility, and apply these ideas to an analysis of the US Government during the term of Jimmy Carter. I begin my analysis of current progressive ideas and activities by examining the views of Senator Bernie Sanders, and Elizabeth Warren, and then continue by analyzing the operation of the give-up formula among Congressional and DC progressives during the period 2009 - 2010, when the Democrats had big margins in Congress. I then move to the period 2011 – the present. Next, I analyze the Campaign for the American Future and its New Populism Campaign, and then conclude by relating the give-up formula to real fiscal responsibility.

DCblogger's picture

I blame the media

Green Day - American Idiot

The kind of rank corruption, violence, and hysteria of contemporary American society would not be possible if we had an honest news media, or even just a mediocre media. They are enablers, all of them. Read more about I blame the media

metamars's picture

Rollback of minimum wage in Germany, linked with immigration surge, presages what TPP passage will do to the US

Thread: 

Long ago, yours truly has expressed his conviction that the economic fallout from passage of TPP will be far greater due to unrestricted IN-sourcing, as compared to increased OUT-sourcing. (Furthermore, my continuing disparagement of the hapless anti-TPP 'activists' is partly due to their avoidance of this issue.) Read more about Rollback of minimum wage in Germany, linked with immigration surge, presages what TPP passage will do to the US

DCblogger's picture

Doctors on the take

Find Out If Your Doctor Takes Drug Company Money
The culture of corruption goes way beyond campaign contributions. Read more about Doctors on the take

DCblogger's picture

Trump means it

I just despair listening to Sam Seder and reading Matt Taibbi's Twitter feed. Neither one can bring themselves to admit the obvious, Trump is in it to win it. He should be taken at his word. Trump wants to be president. If he wins he will follow through on his promise to create a data base of Muslims, close their mosques, and force them to wear insignia. He will also round up all the Hispanics and deport them. He will also ramp up the wars in the Middle East and South Asia. Read more about Trump means it

metamars's picture

Americans INFORMED About TPP are against it 2:1, but that's only 12% of the public

From Majority has no opinion on Obama’s Pacific trade deal

The Monmouth University survey shows that 60 percent of the public is not sure about the effect of the free-trade deal brokered between the United States and 11 other Pacific Rim nations.

Rangoon78's picture

Speaking the Lingo

Twice recently I've been made privy to a belief held by some descendants of European immigrants; it seems that they believe that their ancestors were ethically superior to current immigrants. Their guideline is the speed at which these ancestors supposedly acquired English language skills. I researched this claim and found that it's not generally accurate. When opinions expressed tend to further marginalize people already on the margins of society, I think there's a responsibility to speak up. Read more about Speaking the Lingo

DCblogger's picture

feature not a bug

metamars's picture

Anti-TPP 'Activists' Finally Address Immigration, Totally Miss the Boat

Thread: 

Yours truly has been writing about the threat posed by unlimited IN-sourcing via the TPP, while complaining, out loud, about how the anti-TPP 'activists', no matter how often they mentioned increased/easier OUT-sourcing, were curiously silent about the IN-sourcing threat. Read more about Anti-TPP 'Activists' Finally Address Immigration, Totally Miss the Boat

DCblogger's picture

Vapor voting Kentucky edition

UPDATE 2: Posted: 04/23/2009 5:12 am EDT Updated: 05/25/2011 1:10 pm EDT - KY Election Officials Arrested, Charged With 'Changing Votes at E-Voting Machines'

UPDATE: Hillibilly Report has a very different view. I will reserve judgment until I know more.

Did GOP Insiders Steal the Kentucky Governor's Race for Tea Partier Matt Bevin? Read more about Vapor voting Kentucky edition

The Gaping Hole in Ben Carson's West Point Story

There is a gaping hole in Ben Carson's "I was offered a full scholarship to West Point" story -- 7th Day Adventists were conscientious objectors in the mid-sixties, and conscientious objectors were not (and are not) admitted to West Point. Read more about The Gaping Hole in Ben Carson's West Point Story

letsgetitdone's picture

Some Platinum Coin Objections from the Mainstream: Part V

This is Part V, and the conclusion, of the series providing my reply to Philip Wallach’s reply to my evaluation of his views on the platinum coin proposal and other options for settling debt ceiling conflicts. In Part I I discussed some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model.

In Part II I continued with a discussion of political legitimacy and usurpation issues and then covered some legal objections to using the $100 T platinum coin option related to the “intent” of the coin law. In Part III, I discussed a legal objection based on Wallach’s view of the intent of the coin law, which quickly morphed into a political objection about the desirability of mutual respect and comity among the three branches of government, as well as the threat to political legitimacy arising from the judgment that the platinum coin option is really “weird.” Read more about Some Platinum Coin Objections from the Mainstream: Part V

letsgetitdone's picture

Some Platinum Coin Objections from the Mainstream: Part IV

This is Part IV of my reply to Philip Wallach’s reply to my evaluation of his views on the platinum coin proposal and other options for settling debt ceiling conflicts. In Part I I discussed some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model.

In Part II I continued with a discussion of political legitimacy and usurpation issues and then covered some legal objections to using the $100 T platinum coin option related to the “intent” of the coin law. In Part III I discussed a legal objection based on Wallach’s view of the intent of the coin law, which quickly morphed into a political objection about the desirability of mutual respect and comity among the three branches of government, as well as the threat to political legitimacy arising from the judgment that the platinum coin option is really “weird.”

In this, Part IV, I’ll continue discussing the “weirdness” objection, and also cover Wallach’s views on Inflation and hyper-inflation, and Modern Money Theory. Read more about Some Platinum Coin Objections from the Mainstream: Part IV

letsgetitdone's picture

Some Platinum Coin Objections from the Mainstream: Part III

This is Part III of my lengthy reply to Philip Wallach’s reply to my evaluation of his views on the platinum coin proposal and other options for settling debt ceiling conflicts. In Part I I discussed some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model. In Part II I continued with a discussion of political legitimacy and usurpation issues and then covered some legal objections to using the $100 T platinum coin option related to the “intent” of the coin law.

In this installment I’ll continue with more discussion of political objections. Read more about Some Platinum Coin Objections from the Mainstream: Part III

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