Blog-Reference
Tom Hickey posts: “Zero Hedge: Trump Says Middle-Class Tax Cut To Be Announced Within Three Months”
Mike Norman posts: “Mnuchin says the U.S. government must cut spending and reduce the deficit.”
The latter message triggers a mass Pavlovian reflex in the MMT troll yard (S400, Bob, Matt Franko, Ralph Musgrave, Andrew Anderson) and unanimous condemnation of Mnuchin.
Folks, calm yourself, Trump/Mnuchin are playing a little communicative joke with you. It is known as good cop/bad cop. Don’t be afraid, there will be MORE deficit spending. After all, Public Deficit = Private Profit, and Trump/Mnuchin are BOTH the tried and tested useful idiots of the Oligarchy.#1
Egmont Kakarot-Handtke
#1 Keynes, Lerner, MMT, Trump, Biden, and exploding profit
Related 'Get it: Progressives don’t tax the rich' and 'Links on MMTers push Wall Street’s agenda' and 'MMT: For the record'. For the full-spectrum refutation of MMT see cross-references MMT.
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REPLY to Andrew Anderson on Jan 24You say: “If fiat is NOT to be created by deficit spending for the general welfare then HOW shall fiat be created FAIRLY in your scheme? If you say an equal Citizen’s Dividend distributed by the Central Bank then I’ll agree.”
First of all, we are NOT in the like/dislike or agree/disagree opinion poll business but in the true/false business which is defined by material/formal consistency.
To bring money into the economy at the demand side is false because it has humongous distributional consequences for the present and the future. The proof has been given elsewhere. For example
► The right and the wrong way to bring money into the economy
► Criminals and the monetary order
► Nick Rowe’s soapbubbling about money.
Alternatively one can search for transaction money here.
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REPLY to Andrew Anderson on Jan 24You say: “And when un-ethically financed automation has eliminated the need for almost all human labor, then what?”
You bring up an entirely different question in order to avoid the crucial conclusion. The takeaway point is: the MMT policy of deficit-spending/money-creation is the wrong way to bring money into the economy because macroeconomics tells us that public deficit-spending is a free lunch for the Oligarchy.
MMT policy is unethical, to begin with.
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REPLY to S400 on Jan 25You say: “So what does the ethical policy look like? Are going to answer that or do as you always do ― avoid the question?”
I answered the question long ago and have given the references above.
Obviously, you are unable to follow a link. Go back to troll school and take the advanced course.
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REPLY to Matt Franko on Jan 25Above, you refer the audience to Wikipedia/Mathematical Maturity. This implies that you think of yourself to possess this qualification.
If so, it should not be a problem for you to tell the audience which of the two sectoral balances equations is true (i) (X−M)+(G−T)+(I−S)−(Q−Yd)=0 or (ii) (X−M)+(G−T)+(I−S)=0.
Of course, you are allowed to ask S400 for help or perhaps the brainies of the next kindergarten near you.