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letsgetitdone's picture

The Five Worst Reasons Why the National Debt Should Matter To You: Part Two, the Record Since 1930

In Part One, of a critique of the most important of "Fix the Debt's" reasons for "Why the National Debt Should Matter To You," I asserted that high debt levels haven't caused high unemployment in the United States, and that, if anything causation was in the other direction. I didn't want to disturb the flow of the argument there with a relatively lengthy survey of some of the numbers in the historical record since the 1930s. But let's test the idea that High debt causes fewer jobs and lower wages in the United States by looking at that record now. Read below the fold...

letsgetitdone's picture

The Five Worst Reasons Why the National Debt Should Matter To You: Part One, High Debt Levels and Jobs

I came across a post from the “Fix the Debt” campaign last month called “The Top Five Reasons Why the National Debt Should Matter to You.” It's a post full of debt/deficit lies that cry out for correction. That's what I'll provide in this series. Read below the fold...

Rainbow Girl's picture

Obama-Booker Love Fest (One Looter's Lackey to Another)

From the NY Daily News:

http://www.nydailynews.com/news/politics/president-obama-endorses-corey-...

Only Obama is capable of the sort of High Mendacity that can take a Cory Booker and call him -- Bain Capital's barking defense dog -- a long-time friend of the poor, underprivileged, and middle class. Read below the fold...

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letsgetitdone's picture

“Makers and Takers:” They're Projecting Again!

I found a segment on MCNBC's Up With Steve Kornacke show revealing for what it did not say. The segment started off with a clip from a Recent Town Hall of John McCain's. Senator McCain took a question from a woman who said, with more than a little emotion. Read below the fold...

Rainbow Girl's picture

Detroit a new benchmark for elected Kleptocrats

Mayor Bloomberg "warns" New York City (it's future mayor) that -- basically -- if union contracts are not significantly shredded in the next round (city workers have been working w/o a contract for 4 years), then NYC will have missed a huge opportunity not to become Detroit

http://www.nydailynews.com/news/election/bloomberg-mayor-cut-costs-detro... Read below the fold...

letsgetitdone's picture

What Would You Have the President Do? Part III, Doing Some Economic and Social Justice

The first two Parts in this series began answering the question “what would u have him do?” It arose in the context of a Post at Naked Capitalism by Michael Hudson with some additions by Yves Smith. A commenter, objecting to the criticism of the President's Knox College speech, issued the challenge in connection with the President's promised effort to restore prosperity to the middle class and the poor.

In Part I, “Necessary First Moves,” I offered and described two of these: ending the filibuster, and using High Value Platinum Coin Seigniorage (HVPCS) to fill the Treasury General Account (TGA) with $60 Trillion in reserves. In Part II, I offered a number of proposals aimed at getting to full employment.

These included: a full payroll tax holiday; a guarantee of annual entitlement spending without regard to “trust fund” balances; State revenue sharing grants of roughly $1600 per person; and a Federal Job Guarantee program establishing jobs in local communities at a living wage with full fringe benefits. This third and last part will offer proposals for doing some economic and social justice to begin to right the wrongs the neoliberal globalizing political/economic/ideological system has inflicted on the American middle class and those living in poverty. Here are the proposals. Read below the fold...

letsgetitdone's picture

What Would You Have the President Do? Part II, Getting to Full Employment

Responding to a Post at Naked Capitalism by Michael Hudson with some additions by Yves Smith, a commenter, objecting to the criticism of the President's Knox College speech, issued the challenge ”What would u have him do?” in connection with his promised effort to restore prosperity to the middle class and the poor. In this series I'm giving my answer to that question. In Part I, “Necessary First Moves,” I offered and described two of these. Ending the filibuster, and using High Value Platinum Coin Seigniorage (HVPCS) to fill the Treasury General Account (TGA) with $60 Trillion in reserves.

The purpose of the first was to prepare the way for substantive policies by removing the Republican minority's power to tie up legislation. The purpose of the second, was to neutralize austerian fiscal responsibility justifications for subjecting every policy proposal to a deficit neutrality test, and for opposing deficit spending on grounds that it adds to the national debt and imposes heavy risks that the bond markets will demand very high interest rates on US debt. Of course, HVPCS gets rid of both the debt and bond market concerns for good.

Neither of these two policies, however, addresses substantive needs such as creating and maintaining full employment. This post is about the policies for getting to full employment I want the President to propose and try to implement. All of these policies have been previously proposed by MMT economists including Warren Mosler, Randy Wray, Bill Mitchell, Stephanie Kelton, and others. Read below the fold...

letsgetitdone's picture

What Would You Have the President Do? Part I, Necessary First Moves

There were varying reactions to the President's recent speech at Knox College this week. My reaction was that the speech was deeply dishonest in light of the President's previous policies, actions, and results, and I intended to do a critique, but Michael Hudson and Yves Smith beat me to it. Read below the fold...

Rainbow Girl's picture

Verizon Ready to "Kill Copper" and Take Hostages

The main pilot program rolled out in Fire Island, NY, post-Sandy [shock doctrine opportunity.] Sandy damaged all the copper lines and Verizon has a monopoly for copper phone service in Fire Island. Instead of fixing the existing phone lines, Verizon -- eager to find opportunities to roll our "Voice Link" -- an ObamaCare like product that is expensive, does not work and causes life-threatening and working-people's-economy threatening things -- tells Fire Islanders take our "Voice Link" or get lost. Read below the fold...

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letsgetitdone's picture

The Smart Bunny's Guide to Debt, Deficit and Austerity: A Review

One of the most important parts of the collective effort to spread the good news about the Modern Money Theory approach to macroeconomics is popularization of MMT views. Read below the fold...

letsgetitdone's picture

A Modest Proposal on Voting Rights

In light of the Supreme Court's decision on the Voting Rights Act, upholding the principle that States must be treated equally under the Constitution when it comes to new voting legislation they enact, but people, in relation to their exercising their voting rights, not so much; there's a real need for proposals to make Section 5 of the Voting Rights Act operative again by re-writing Section 4. Here's a modest proposal. Read below the fold...

DCblogger's picture

The kleptocracy begins its assault on churches

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I predicted this last August, now it has begun:

Gov. Mike Huckabee
It's time for churches to reject tax exempt status completely; freedom is more important than government financial favors.

Read below the fold...

Workers of the World Unite and Dance

Working America put together this video about the power of unions.

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DCblogger's picture

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