to SS. They will fight as best as possible, but feel they have to give in to guide the "cuts and restructuring" to save the program. Oh I forgot to mention that won't "allow" cuts to current recipients . LINK Read more about ABC news is reporting that AARP will "reluctantly" support cuts
If you're a progressive and want to fix problems like unemployment, the health care and health insurance systems, infrastructure, education, our energy and climate crises and want Government to deficit spend to do it, sooner of later you'll get the question: “Aren't you just 'printing money'? Here's my answer to that one.
1) Today the Government prints very little money. It mostly just “marks up accounts” using a computer when the Treasury spends, or when the Fed buys financial assets, in return for reserves it creates. So, literally, I'm not saying we should “print money,” I'm saying we should deficit spend by “marking up” non-Government accounts. Read more about The "Printing Money" Thing
By Warren Mosler
(Editor's Note: This post is cross-posted from The Huffington Post at the request of the author)
The headline progressives are in full retreat. They have found out the hard way that their bleeding heart pleadings -- 'yes, the financial markets might destroy us, but how can we cut this or that worthy cause' -- don't cut it. They have fallen into the out of paradigm world that takes it as gospel that the U.S. is at imminent risk of becoming the next Greece; where financial markets can cut off funding and ability to spend and force the giving up of national sovereignty and begging for an IMF bailout, or else, face the option of default or printing money, which launches one down that slippery slope to hyperinflation... bla bla bla...
And so to show they too are indeed fiscally responsible grownups who wouldn't think of instigating such a financial crisis, the headline progressives more than agree that the federal deficit is indeed a very dangerous long term menace that demands appropriate attention. Accordingly, President Obama, on behalf of the Democrats, has proposed over $4 trillion of his version of deficit reduction over the next ten years, with "everything on the table" including Social Security and Medicare. The main difference seems to be that the Democrats include tax hikes, while the Republicans only support spending cuts. Read more about Modern Monetary Theory: The Last Progressive Left Standing
In a debate at FiredogLake about Modern Monetary Theory (MMT) perspectives on the so-called deficit/debt crisis and the idea that there is no long-run deficit problem, powwow, a perspicacious commenter and occasional blogger at MyFDL, suggests that while MMT offers useful perspectives on how the monetary system works, and he also agrees that more deficit spending in the present employment crisis will not lead to forced, as op Read more about Spare Me the “Middle Ground” Please!
(Posted with permission of the author)
(Editor's Note: Warren Mosler is one of the three primary innovators most responsible for formulating the Modern Monetary Theory (MMT) Approach to Economics. Warren is president of the Valance Co. Inc. a financial research services company. He is also Co-Founder and Distinguished Research Associate of The Center for Full Employment And Price Stability at the University of Missouri in Kansas City. CFEPS has supported economic research projects and graduate students at UMKC, the London School of Economics, the New School in NYC, Harvard University, and the University of Newcastle, Australia.)
Many progressives have been raising concerns about tax cuts. They are particularly concerned about proposed FICA cuts, even though FICA is a highly regressive, punishing tax, that hurts those who can afford it the least and are also doing the real work that provides the real support all of us for far less compensation than most of us would consider equitable. No progressive should stand for it for a single second.
The problem is that the non-MMT world has tied Social Security to FICA, and looks to view FICA cuts as the defunding of Social Security. And while this is nothing more than empty rhetoric, propaganda, and, at best, counterproductive and innocent (?) fear mongering, it is widely believed and accepted by the voters.
So what to do? Read more about Taxing Thoughts for Progressives
"Goodwyn concludes that democratic movements are initiated by people who are neither resigned to the status quo nor intimidated by established powers. For Goodwyn, the cultural and psychological building blocks of democratic movements are individual self-respect and collective self-confidence" Read more about A good read/primer on activism
When other nations' governments go off track, their people do something about it. In Tunisia and Egypt people have nonviolently claimed power in a way that has inspired Americans in Wisconsin and other states, as well as the people of Spain and the rest of the world.
Washington, D.C., is the weakest point in our democracy, without which state-level reform cannot succeed. Most Americans want our wars ended, our corporations and billionaires taxed, and our rights expanded rather than curtailed. We want our money invested in jobs and green energy, not a global military that can't stop itself. Our government in Washington goes in the opposite direction, opposing popular will on these major issues, regardless of personality or party. Read more about Our Tahrir Square: DC's Freedom Plaza on October 6th
Cross-posted from Real Economics.
At the beginning of the American experiment in self-government, concentrations of wealth and large inequalities in income and wealth were viewed suspiciously as dangerously subversive vestiges of the royalty and oligarchies of Europe. But today, conservatives would have us believe, concentrations of wealth and inequalities in income and wealth should be viewed as the natural result of a social Darwinian struggle between those who work hard, and those who do not. Thus are Americans slowly but steadily being led to acceptance of the rise of a new oligarchy, Read more about Wealth and Income Inequalities are Markers of Oligarchy