Selected in the top 100 Economics Sites

Follow me on Twitter

Thursday, October 6, 2016

Your tax dollars at work.

All you young folks owe it to yourselves to research the sordid history of this person (read it here). And to think the plumber in Ramseur and the truck driver in Rocky Mount and the hog farm worker in Duplin county are busting their humps to pay taxes to transfer the money to this vile wretch. You should not wonder why the public continues in their disillusionment of the university community. 


Anonymous said...

But, John Lennon wrote a song lamenting her imprisonment!

Randall Parker said...

Before or after he kicked smack?

Jim Gaddis said...

Do your politics leave no room for Modern Monetary Theory?

Randall Parker said...

Jim: I'm sure you are a very nice man. But I know nothing of this so-called modern monetary theory which says much about my shortcomings. But you said some disparaging things about Milton Friedman and Hayek, two of the greatest minds to ever walk the
earth. You expect me to respond? Be well and all the best.

Jim Gaddis said...

Nothing disparaging intended although I do not view Friedman and Hayek as the last word on macroeconomics. I am a little surprised that you are not familiar with MMT. MMT is espoused by economists Randall Wray, Bill Mitchell, Stephanie Kelton, Michael Hudson, Mike Norman and businessmen Warren Mosler and Frank Newman and many, many others. It simply recognizes in our fiat monetary system that federal spending creates US dollars and federal taxing destroys US dollars, that taxes do not fund federal spending, that the deficit is actually a private sector surplus and that the federal debt is simply the sum of unexpired Treasury securities and therefore a non-government asset in the form of a very safe savings mechanism. It sees constraints on the Treasury such as the General Account and the debt ceiling as purely artificial and relics of the gold-standard days. MMT suggests that austerity for a monetarily sovereign nation like the US is a recipe for certain recession and depression. You might view it as a form of post-Keynesianism but it does not fall in line with Keynes on tax issues. It largely follows the thinking of Hyman Minsky. Wray's "Modern Money Theory" and Edward Delzio's "The National Deb(i)t" are two excellent references. I think ECU should certainly expose its Econ students to MMT or at least to its predecessor, chartalism, when it comes to Money and Banking. Thanks for your reply.