July 9, 2021
MMTers at the end of their wits
Comment on Bill Mitchell on ‘Intergenerational Report ― the past is catching up with the government and the game is up’*
Bill Mitchell comments the 2021 Intergenerational Report as follows: ridiculous, smokescreen-creating, jam-packed with scaremongering, latest nonsense, madness, designed to deflect the damage that the government surpluses were creating in the mid-1990s, embarrassing for Treasury workers to be coerced by their bosses into producing this garbage.” and “What parades as economic analysis is just the usual neo-liberal mainstream nonsense that currency-issuing governments have run out of money and fiscal deficits are dangerous.” and “We have also seen that the government can spend what it likes without taxes going up and without bond markets declaring the government insolvent. We have now lived with large deficits as a result of the pandemic and the game is up on the deficits are bad and the sky will crash down story line.“
All this, of course, is not a scientifically valid argument but desperate political shit throwing. As such it is just another example of the abysmal level of academic economics. To this day, economists are too stupid for the elementary algebra of macroeconomics.#1
MMT has been refuted by the proof of its inconsistency. Because the foundational concepts of MMT are false the whole analytical superstructure of MMT is scientifically worthless.#2 That is, MMT's policy guidance has NO sound scientific foundations. It is just political agenda pushing for the benefit of the Oligarchy. The claim that MMT policy is for the benefit of WeThePeople is a political fraud.#3
MMTers debate every crappy argument that comes their way but has never attempted to refute the proof of the inconsistency of the MMT sectoral balances equation.#4
MMT is refuted on all counts and a sure sign that MMTers are at the end of their wits is that all that they do is to repeat their thoroughly refuted silly slogans of the harmlessness of a continuously growing public debt.#5
It is a mathematical certainty that the macroeconomic Profit Law implies Public Deficit = Private Profit. By the same token, it is a political certainty that MMTers are agenda-pushers for the Oligarchy and false Friends-of-the-People.
* Bill Mitchell's blog
#3 For details of the big picture see cross-references MMT
Related 'Links on Austerity' and 'From the debt economy to the gift economy: how America is brainwashed to love budget deficits' and 'Hype does not help: MMT is toast' and 'Clueless economists / Macrofoundations'.