'The Democrats Have Lost Their Way'
This is the second in a series of posts based on youtubes from a speech in Milford CT by Warren Mosler. Warren is running for the Senate in CT in the Independent Party primary. Unlike both the Democratic and Republican candidates Warren really understands economics and his forté is explaining it to people. Here's a youtube on his proposals for restoring our economy to normal functioning and to full employment. Warren has a three point program: 1) A FICA Tax Holiday for both employees and employers to restore purchasing power and encourage sales; 2) A one-time Federal subsidy to the States of $500.00 per person, to use as they please, but primarily intended to stop the impending collapse of State employment and the accompanying fall in purchasing power; and 3) A permanent Federal Jobs Guarantee Program (FJG), which will guarantee a Government job at $8.00 per hour, with full fringe benefits, to anyone who wants to work.
The FJG would function as an automatic stabilizer in the sense that Government spending for it would expand during times when the non-Government sector cuts back employment, and would contract, when the non-Government sector increases employment. Of course, the FJG would also produce full employment, a recognized obligation of the Federal Government since the end of World War II, which it has been studiously ignoring since the 1970s, when it began to prioritize inflation over employment. Here's Warren again: