The Five Worst Reasons Why the National Debt Should Matter To You: Part Three, The Other Four Worst Reasons
In Part One of this series, I considered “Fix the Debt's” claim that high levels of debt cause high unemployment and gave a few reasons why this is a false claim. Read more about The Five Worst Reasons Why the National Debt Should Matter To You: Part Three, The Other Four Worst Reasons
I found a segment on MCNBC's Up With Steve Kornacke show revealing for what it did not say. The segment started off with a clip from a Recent Town Hall of John McCain's. Senator McCain took a question from a woman who said, with more than a little emotion. Read more about “Makers and Takers:” They're Projecting Again!
The first two Parts in this series began answering the question “what would u have him do?” It arose in the context of a Post at Naked Capitalism by Michael Hudson with some additions by Yves Smith. A commenter, objecting to the criticism of the President's Knox College speech, issued the challenge in connection with the President's promised effort to restore prosperity to the middle class and the poor.
In Part I, “Necessary First Moves,” I offered and described two of these: ending the filibuster, and using High Value Platinum Coin Seigniorage (HVPCS) to fill the Treasury General Account (TGA) with $60 Trillion in reserves. In Part II, I offered a number of proposals aimed at getting to full employment.
These included: a full payroll tax holiday; a guarantee of annual entitlement spending without regard to “trust fund” balances; State revenue sharing grants of roughly $1600 per person; and a Federal Job Guarantee program establishing jobs in local communities at a living wage with full fringe benefits. This third and last part will offer proposals for doing some economic and social justice to begin to right the wrongs the neoliberal globalizing political/economic/ideological system has inflicted on the American middle class and those living in poverty. Here are the proposals. Read more about What Would You Have the President Do? Part III, Doing Some Economic and Social Justice
Responding to a Post at Naked Capitalism by Michael Hudson with some additions by Yves Smith, a commenter, objecting to the criticism of the President's Knox College speech, issued the challenge ”What would u have him do?” in connection with his promised effort to restore prosperity to the middle class and the poor. In this series I'm giving my answer to that question. In Part I, “Necessary First Moves,” I offered and described two of these. Ending the filibuster, and using High Value Platinum Coin Seigniorage (HVPCS) to fill the Treasury General Account (TGA) with $60 Trillion in reserves.
The purpose of the first was to prepare the way for substantive policies by removing the Republican minority's power to tie up legislation. The purpose of the second, was to neutralize austerian fiscal responsibility justifications for subjecting every policy proposal to a deficit neutrality test, and for opposing deficit spending on grounds that it adds to the national debt and imposes heavy risks that the bond markets will demand very high interest rates on US debt. Of course, HVPCS gets rid of both the debt and bond market concerns for good.
Neither of these two policies, however, addresses substantive needs such as creating and maintaining full employment. This post is about the policies for getting to full employment I want the President to propose and try to implement. All of these policies have been previously proposed by MMT economists including Warren Mosler, Randy Wray, Bill Mitchell, Stephanie Kelton, and others. Read more about What Would You Have the President Do? Part II, Getting to Full Employment
Joseph Kishore of wsws refers to the latest phase of Democrat/Republican budget skirmishing as a “dog and pony show”. The “big business” parties, Democrat and Republican, are united in ESSENTIALS -- the gutting of two programs, Social Security and Medicare, that have OVERWHELMING SUPPORT OF THE AMERICAN POPULATION.
Paraphrasing Jill Stein from a workshop in NYC 3-23-13:
There are 40 people on one side of a road. There is one person on the other side of the road.
A bread truck pulls up and the driver gives the one person -- standing there alone (perhaps impatiently tapping a Gucci-loafered foot and checking his Rolex) -- 40 LOAVES OF BREAD. Then the driver gives the group of 40 people, in varying states of dress and hunger, ONE LOAF OF BREAD to share among themselves. He drives off.
Here are some quoted excerpts in response to Obama’s determination to cut Social Security:
Michael Lind in “How Progressives Blew the Social Security Argument”:
President Obama reportedly is unveiling a budget using the chained CPI inflation measure to cheat elderly Americans out of the benefits they were promised.
WASHINGTON — President Obama next week will take the political risk of formally proposing cuts to Social Security and Medicare in his annual budget in an effort to demonstrate his willingness to compromise with Republicans and revive prospects for a long-term deficit-reduction deal, administration officials say.
Senate Majority Whip Dick Durbin announced Wednesday morning that he will introduce a bipartisan bill to create a Social Security commission tasked with making the program solvent for the next 75 years.
After Obama’s SOTU message on February 12, 2013, Jill Stein, Green Party 2012 presidential candidate, addressed a national video audience with "Our Green State of the Union" assessment -- what Jill Stein herself called the “REAL state of our nation.”
We need a real discussion of where we are, so we can set our priorities right and secure the future for our imperiled families, communities, country and planet.
Here are some “realpolitik” excerpted takes on Obama’s State of the Union Address from Glen Ford, Norman Solomon, Barry Grey, Pepe Escobar, Matthew Rothschild:
Glen Ford of BAR in “Obama’s State of the Corporate Union”:
It was an impassioned performance by a cynical politician who offers little but corporate tax incentives and continued austerity. Barack Obama peppered his State of the Union address with up-tempo buzzwords about illusory “progress,” but the president’s substantive message was that he is determined to complete the austerity bargain he struck with the Republicans in 2011. ...
Obama’s jobs program is almost entirely a corporate tax incentive scheme, to bribe corporations to send home the jobs they sent offshore, where they have also hidden tens of trillions from taxation – a subject not deemed worthy of mention in a national discussion of shared sacrifice and patriotic obligations.
I'll admit that, for the most part, during the great and glorious benevolent rule of the Kenyan Muslim Socialist, I've been a bit unsure just what I should be advocating for.
I've found my groove. We need to increase Social Security Benefits. The Professional Left needs to sign on to this. All the oldsters need to vote for it. Congressional candidates need to get on board.
In a 1/24/13 article in Aljazeera entitled “Top CEOs plan to loot US social programmes”, Dr. Margaret Flowers powerfully calls out the motives of a mendacious “Fix the Debt” campaign launched by 80 CEOs who are determined to cut their corporate taxes even further by decimating social programs beneficial to us, the lower whopping 99% of the American citizenry.