Note on “Era of Austerity coming to an end...”

Blog-Reference

The macroeconomic Profit Law#1 implies Public Deficit = Private Profit. From this follows logically that the one-percenters and their useful academic/journalistic spokespersons should consistently argue for deficit-spending and the ninety-nine-percenters and their academic/journalistic spokespersons should consistently argue against it.

Therefore, a self-styled progressive MMT spokesperson who claims that deficit spending benefits the ninety-nine-percenters is either an idiot or a fraudster.

The headline “Schumer Celebrates Omnibus Bill: ‘Era Of Austerity’ Coming ‘To An End’” is true as far as macroeconomic profit and Schumer as a spokesperson for the one-percenters is concerned. There is, though, nothing to celebrate for the ninety-nine-percenters/WeThePeople. For details see

• Austerity and the utter scientific ignorance of economists
• MMT: Academic snake oil for the people
• Austerity and the idiocy of political economists
• Austerity and the total disconnect between economic policy and science
• Austerity: Who takes the little man for a ride?
• Austerity and the political games Progressives play
• Keynes, Lerner, MMT, Trump and exploding profit
• MMT and the promotion of Wall Street's idea of social policy
• Stephanie Kelton and the self-destructive stupidity of the super-rich
• Links on Austerity
• Deficit cheerleaders ― the Oligarchy’s useful idiots.

Egmont Kakarot-Handtke

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