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fiscal responsibility

letsgetitdone's picture

Peterson Thinks We Need Austerity While He Lives It Up!

The Peterson Foundation reacted to the President's budget document with a report repeating its usual whining about the debt problem, and the need to cut entitlements. Here are quotations from the report and my explanations of why they are ridiculous deficit/debt terrorist nonsense. Read below the fold...

letsgetitdone's picture

Richard Eskow Asks: Which Side Are You On?

Richard Eskow of the Center for the American Future, posted a very good one a couple of days ago. He used the old union meme “which side are you on” to beat up the President and Congress about Social Security being placed on the negotiating table. I thought his writing on it was striking. Here's some of it: Read below the fold...

letsgetitdone's picture

New MSM Trillion Dollar Coin Wave: Here's The Big Story

The one thing that jumps out at you when reading the mainstream posts of the past week-and-a-half bringing Platinum Coin Seigniorage (PCS) into the forefront of attention again, for the first time since last year's debt ceiling crisis, is that every mainstream blogger or commentator is telling a story about minting a Trillion Dollar Coin (TDC), or a few trillion dollar coins as an option the President can either use or not to get around the debt ceil Read below the fold...

letsgetitdone's picture

New MSM Trillion Dollar Coin Wave Misses the Big Story: Bradford and Plumer

letsgetitdone's picture

New MSM Trillion Dollar Coin Wave Misses the Big Story: Hayes and Carney

Did the MSM's new wave of commentaries on platinum coin seigniorage (PCS) miss the really big story about it? Of course, I think it did, and I'll continue my review of the MSM commentaries with the efforts of Chris Hayes at MSNBC, substituting as host on the Rachel Maddow show (12/05 at 9:20 PM); and John Carney at CNBC (12/06 at 11:54 AM). This is my second review post on this subject.

Chris Hayes Read below the fold...

letsgetitdone's picture

New MSM Trillion Dollar Coin Wave Misses the Big Story: Pethokoukis and Wiesenthal

In this post I said I would blog about the likely expected relationship between the different Platinum Coin Seigniorage (PCS) options and inflation using the framework laid out by Scott Fullwiler! But, after reconsidering, I thought I'd hold off until later, and, instead, first provide a discussion of the "new wave" of MSM-based blog posts on the Trillion Dollar Coin (TDC) “solution” to the upcoming debt ceiling conflict. Read below the fold...

letsgetitdone's picture

The Trillion Dollar Coin Is A Conservative Meme

Thread: 

The Trillion Dollar Coin (TDC) is, first, an oversimplified meme, because there's not one TDC solution, but lots of Platinum Coin Seigniorage (PCS) variations on that idea with differing implications for politics. Some just kick the can down the road, until the next debt ceiling crisis, or set up another trade between the Administration of something relatively valuable for something less valuable. Others would really change the political game. Read below the fold...

letsgetitdone's picture

More Austerity Advice From the Very Rich: Buffett On Deficits!

Warren Buffett's recent op-ed in the New York Times is making a stir because it calls for a minimum tax on high incomes above $One million annually. But I was much more interested in some deficit targeting he proposes which exposes his ignorance about the sectoral financial balances model of macro-economics, and reveals him as a deficit hawk whose advice, if followed would be unsustainable and lead the United States into another deep recession. I'll comment on a couple of paragraphs in Buffett's op-ed. Read below the fold...

letsgetitdone's picture

Let's Defend Social Security and Other Entitlements With the Second Bill Of Rights

The favorite defense of Social Security by progressives harkens back to Franklin Roosevelt who famously said:

”I guess you’re right on the economics. They are politics all the way through. We put those pay roll contributions there so as to give the contributors a legal, moral, and political right to collect their pensions and their unemployment benefits. With those taxes in there, no damn politician can ever scrap my social security program. Those taxes aren’t a matter of economics, they’re straight politics.”

Read below the fold...
letsgetitdone's picture

Stop Using Obama for America Against the People!

Obama for America, the campaign apparatus with the very large e-mailing list and great segmentation techniques that exploited Romney's weaknesses to help the President to eke out (yes, I know the electoral vote involved no “eking out,” but the popular vote was something else again) his re-election victory, is now trying to mobilize people who voted for the President to work against their own interests by supporting his deficit/debt cutting activities. So, I couldn't resist the following commentary on their mobilization e-mail.

From the graphic: Read below the fold...

letsgetitdone's picture

The Fiscal “Cliff” and the Real Problem

Like many others, I'm not worried about the so-called fiscal “cliff,” and the ravages to the economy that are likely to occur if Congress doesn't do something about it before the end of the year. That's because a lot of the impact can be cushioned in the short run by Executive Branch manipulations while negotiations continue to go on. But if measures aren't taken to reverse the contractionary effect of the sequestration-induced changes, we're looking at deficit cuts of $487 Billion over 9 months of the fiscal year. Read below the fold...

letsgetitdone's picture

An MMT Fiscal Responsibility Narrative: Some Truths After A Second Crowd Sourcing Revision

Many MMT posts and other writings on fiscal responsibility, including my own, focus on the myths of neoliberalism, pointing out why they are myths and developing an alternative MMT perspective in some detail. Off hand, and I may have forgotten something, I couldn't think of a brief positive MMT narrative related to fiscal responsibility containing primarily the truths, rather than the myths. Read below the fold...

letsgetitdone's picture

An MMT Fiscal Responsibility Narrative: Some Truths After Crowd Sourcing Revision

Many MMT posts and other writings on fiscal responsibility, including my own, focus on the myths of neoliberalism, pointing out why they are myths and developing an alternative MMT perspective in some detail. Off hand, and I may have forgotten something, I couldn't think of a brief positive MMT narrative related to fiscal responsibility containing primarily the truths, rather than the myths. Read below the fold...

letsgetitdone's picture

An MMT Fiscal Responsibility Narrative: Some Truths

Many MMT posts and other writings on fiscal responsibility, including my own, focus on the myths of neoliberalism, pointing out why they are myths and developing an alternative MMT perspective in some detail. Off hand, and I may have forgotten something, I couldn't think of a brief positive MMT narrative containing primarily the truths, rather than the myths. So, here's my version. Comments, criticisms, recasting in more effective form, are all welcome.

-- The US Government can't involuntarily run out of fiat money because it has the constitutional authority to create it without limit. Congress constrains and regulates this ability; but its existence is still a stubborn fact! Read below the fold...

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