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OK good. The fact is congress has done virtually nothing that MMTers would agree with. No job guarantees, no wage controls, no specific use of taxes to control inflation, no de-linking spending to debt or tax collections, no green Manhattan Projects and so on.
True. The only thing congress does that MMTers would like is reckless unlimited brainless spending.
I tried reading her book. She is not a persuasive writer.
It's about her. She is persuasive for progressives who want to hear what they want to believe. She is persuasive for people who are happy with double-talk and don't care if ideas make any sense or not.
The more dollars that are printed...the less each one is worth.
We've seen this in the last 3 years with the doubling of food & gasoline prices & almost doubling of electric bills.
Assuming those dollars reach our general circulation. As opposed to post 2008 crash QE, and any new moneys sent over seas.
And then higher gas, food and electric prices are not always the result of inflation. Gas is about the same as 2011. And my electric bills have not gone up. Our AZ rates haven't changed much, and we have had roof solar.
True...but dollars will always find a way into circulation...it's only a matter of time. What good are dollars if you can't spend them on goods or services?
And I don't know about 2011...but gas is double from that of 2019. And I'm shocked your electric bills haven't gone up! They are close to double here in Minnesota. Up around 70-80%
My electric bill has gone up over time here in Ohio, but nothing like 70-80%.
True...but dollars will always find a way into circulation...it's only a matter of time. What good are dollars if you can't spend them on goods or services?
And I don't know about 2011...but gas is double from that of 2019. And I'm shocked your electric bills haven't gone up! They are close to double here in Minnesota. Up around 70-80%
Many dollars stay overseas. Most larger paper USD currency bills are overseas. There are huge black markets all over the world and the USD is in most demand there. Then there are countries that use the USD as their currency. And then Argentina which already effectively does.
I left Chicago for good in 1980, and gas was $1.33 as I left town. With inflation since then that equals roughly $4/gal. I paid $3.40 something the other day.
Of course electric bills will vary by state, and by your weather. AZ base rates haven't changed much. Our problem is the summer. In 2008 my August bill was in the $600's. So we went with roof solar. My highest bill since then was just under $300.
Why would we need unlimited spending? We dont need that. No country in the world needs it.
Our deficit is around 1.4T per year. We spend about 6.5T and bring in around 5.1T. We just need to bring in more revenue and cut some spending.
Technically speaking, a total war economy is a kind of MMT. Nothing else matters besides winning the war, so you do what you have to do and print what you have to print to prosecute it. We know what would happen after that.
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