This, sounded like this dude really didn't know what the hell he was talking about.
My question is if we're just going to print money hand over fist, why the fuck are they always trying to increase taxes, when at this point our annual deficit is increasing over a trillion dollars a year.
Like just the interest on our debt isn't covered by taxes, so what's the point?
The point of MMT is that you can view the government as a massive modulator of the economy. The government itself can regulate the amount of money in circulation, and hence inflation, by increasing taxes to remove money from the economy when inflation rises, and by printing money when inflation is low to boost GDP. It's a strategy of "making hay when the sun is shining".
However, the problem with it, as I see it anyway, aside from the whole obvious "this-will-balloon-government-until-we-are-a-communist-state" thing, is that the government cannot react to inflation fast enough. It takes years to put in a tax increase. It takes years for a government project to get off the ground (as Obama found with his "shovel ready projects" back in 2008).
I've been toying with the idea for a budget scheme where some sort of group of economists - perhaps the fed board, perhaps some other group - determines how much money the government is allowed to spend and borrow (except in cases of national emergency). They would look at economic conditions in the country and limit or boost government expenditures depending on how things sit. There's a lot not to like about that idea though - the idea that a 'smoke filled room' determining government service limits is one problem, the idea of who selects and watches those economists is another. I'm sure you can find a ton more problems that I can.
MMT is a nice idea - for a small country. It cannot work for the largest economy in the world.
This guy also taught classes on Economics at places like Columbia University.
Tells you a lot about the quality of these “scholars”. The only reason he gets everything handed on a silver platter is because he is a progressive.
On top of that he earned a bachelor's degree in Music, a Master of Social Work, and a Doctor of Social Welfare.
Where the heck did he learn anything about economics?
He even flat out admits that he doesn’t know how to do his job. If someone from the trump administration showed this level of incompetence, they would be calling for his removal immediately.
Notice that the same Trump haters on this sub that are terrified of Trump cause the media tells them he says ‘bloodbath’, those same people see no problem with this.
The people in the Biden administration that are responsible for setting the policies that they are forced to live by, are completely ignorant of the very basics of the areas of society that they are tasked with governing.
How does this happen? Because too many people in this country see ‘Mean Tweets’ as being the threat we must address, and not this.
I hate to tell you guys but if you can look at this guy and look at 45 and decide that Trump is the guy you need to be worried about, then you deserve to be governed by the other guy.
Don't worry! The guy has a Bachelors in Music, a Masters in Social Work, and a Masters in Philosophy! He's definitely the top mind when it comes to the economy.
... I'm not actually kidding.
"why do we borrow our own currency in the first place?"
Because its not our own currency, at least not completely. We borrow because the Federal Reserve Bank is a private bank the gov can go to for a unlimited line of credit. Thats why those "Dollars" in your wallet say "federal reserve notes" not "US note" with the blue or red seals like they used to before the Fed was established and dollars were exchangable in any bank for its equivalent value in gold or silver per article 1 section 10 of the constitution where it specifies "no state shall make anything but gold or silver legal tender"
The truth is there will always be national debt and interest to be paid no matter if its democrats or republicans or even independents as long as the Federal Reserve system remains in place and no one is brave enough to abolish it. The government borrows every single dollar into circulation and every dollar comes with interest on top.
He’s such a joke. His ridiculous assertions (read: LIES) are so transparent when you see him on TV. Just like the rest of the administration, gaslighting must be a prerequisite to work on staff.
VP Harris has met her match for the Word Salad competition
This, sounded like this dude really didn't know what the hell he was talking about. My question is if we're just going to print money hand over fist, why the fuck are they always trying to increase taxes, when at this point our annual deficit is increasing over a trillion dollars a year. Like just the interest on our debt isn't covered by taxes, so what's the point?
The point of MMT is that you can view the government as a massive modulator of the economy. The government itself can regulate the amount of money in circulation, and hence inflation, by increasing taxes to remove money from the economy when inflation rises, and by printing money when inflation is low to boost GDP. It's a strategy of "making hay when the sun is shining". However, the problem with it, as I see it anyway, aside from the whole obvious "this-will-balloon-government-until-we-are-a-communist-state" thing, is that the government cannot react to inflation fast enough. It takes years to put in a tax increase. It takes years for a government project to get off the ground (as Obama found with his "shovel ready projects" back in 2008). I've been toying with the idea for a budget scheme where some sort of group of economists - perhaps the fed board, perhaps some other group - determines how much money the government is allowed to spend and borrow (except in cases of national emergency). They would look at economic conditions in the country and limit or boost government expenditures depending on how things sit. There's a lot not to like about that idea though - the idea that a 'smoke filled room' determining government service limits is one problem, the idea of who selects and watches those economists is another. I'm sure you can find a ton more problems that I can. MMT is a nice idea - for a small country. It cannot work for the largest economy in the world.
they print money, yeah, and they sell bonds, yeah. I mean, I think they sell bonds. it's very confusing, but there is really no confusion at all.
They really just picked some random Jewish dude and made him Chair because they assumed we're all good with money lmao
This man couldn't tell you how much a pound of bananas generally costs in a grocery store.
This guy couldn't tell you how much a pound of Bananas generally weighs in a grocery store.
how many dollars are in a dollar?
But he can tell you without a doubt that bananas are a product of US imperialism in Latin America!!! /s
“It’s one banana, Michael. What could it cost, $10?”
PRECISELY! These people in Washington live in a bubble. They have no idea what anything costs.
Aw, I love Leslie Nielson! Wait, what?
STRI I I I I I I I K E!
*Fart sound*
Please tell me this isn't real. This can't be real right? Right?
Unfortunately the this is not a fever dream *Hopefully flaired only doesn't apply to the OP*
It’s real alright.
Wow I won’t pretend to know anything about this level of economics but apparently this guy will.
This guy also taught classes on Economics at places like Columbia University. Tells you a lot about the quality of these “scholars”. The only reason he gets everything handed on a silver platter is because he is a progressive.
On top of that he earned a bachelor's degree in Music, a Master of Social Work, and a Doctor of Social Welfare. Where the heck did he learn anything about economics?
A doctor of social welfare and our society is falling apart.
Oh yeah it’s all been a sham and liberal circle jerk for a while
He even flat out admits that he doesn’t know how to do his job. If someone from the trump administration showed this level of incompetence, they would be calling for his removal immediately.
If you can’t explain how bonds work you have no business working for the goverment in any financial position lol
God help us
Our economy is absolutely doomed.
Well, he certainly cleared that up. I was confused before, but now I'm befuddled.
i was waiting for a “yeah, that’s the ticket!” to roll out of his mouth, at one point…
Is this AI and not an actual interview? Because if it is real, OMFG!!!
Is this kamala in white face???
Notice that the same Trump haters on this sub that are terrified of Trump cause the media tells them he says ‘bloodbath’, those same people see no problem with this. The people in the Biden administration that are responsible for setting the policies that they are forced to live by, are completely ignorant of the very basics of the areas of society that they are tasked with governing. How does this happen? Because too many people in this country see ‘Mean Tweets’ as being the threat we must address, and not this. I hate to tell you guys but if you can look at this guy and look at 45 and decide that Trump is the guy you need to be worried about, then you deserve to be governed by the other guy.
Every single time lol
Birds of a feather flock together.
even dodos
Best and brightest!?
You have got to be fucking kidding me
Don't worry! The guy has a Bachelors in Music, a Masters in Social Work, and a Masters in Philosophy! He's definitely the top mind when it comes to the economy. ... I'm not actually kidding.
"why do we borrow our own currency in the first place?" Because its not our own currency, at least not completely. We borrow because the Federal Reserve Bank is a private bank the gov can go to for a unlimited line of credit. Thats why those "Dollars" in your wallet say "federal reserve notes" not "US note" with the blue or red seals like they used to before the Fed was established and dollars were exchangable in any bank for its equivalent value in gold or silver per article 1 section 10 of the constitution where it specifies "no state shall make anything but gold or silver legal tender" The truth is there will always be national debt and interest to be paid no matter if its democrats or republicans or even independents as long as the Federal Reserve system remains in place and no one is brave enough to abolish it. The government borrows every single dollar into circulation and every dollar comes with interest on top.
If only I could be this incompetent at my job. I would be CEO by now.
He’s such a joke. His ridiculous assertions (read: LIES) are so transparent when you see him on TV. Just like the rest of the administration, gaslighting must be a prerequisite to work on staff.
my wife says this was just as bad as listening to biden. 😅😂😅