Obama vs Mosler- The Tale of the Tape
Posted by WARREN MOSLER on February 26th, 2009
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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.-
MMT: Taxes function to regulate aggregate demand, and not to raise revenue per se.
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The funds to pay taxes and buy government securities come from government spending.
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February 26th, 2009 at 2:23 pm
Clearly, this all makes great sense, which is why you could never get elected President.
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February 26th, 2009 at 3:22 pm
Never say never!
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February 26th, 2009 at 5:27 pm
Yes, Bloomberg releases Obama’s plan to halve the deficit!
Hopefully there are changes to that plan so I can get a job when I graduate from B-school… :(
-Tom
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February 26th, 2009 at 9:11 pm
Selling the insolvent banks to better owners is not just a good idea – it’s common sense and it’s the LAW too. It is how the system is supposed to work. But it doesn’t??? Hello, dreamers, wake up! If the government was unconstrained by other “interests” we wouldn’t be in this mess to begin with. What makes you think those “interests” will not be obeyed this time around?
Honestly – your advice is not needed. The solution is right under your nose but you can’t see it. The New Deal worked. It was dismantled in the last 30 years and this is the cause of the present depression. So… how did the US get out of the last depression? Right Einstein – Roosevelt pushed the New Deal through. You don’t have to lose sleep over solving this problem. It’s been done for you many years ago. Many people studied the issues thoroughly and enacted legislation that kind of worked. We have to simply return Glass-Steagall, ban derivatives… in short – re-enact the New Deal. Of course it is not perfect – but it is waaay better than what we have now.
Mr Mosler, do you really believe that throwing money up in the air is the stuff economies are made of? Really, do you believe it?
Best Regards,
Steve
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Scott Fullwiler Reply:
February 26th, 2009 at 9:58 pm
So . . . build a straw man and pretend to knock it down . . . whatever.
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February 26th, 2009 at 9:15 pm
“The government always has the ability to make payments without tax increases or benefit cuts.”
I understand that the government’s checks can never bounce, but no benefit cuts? Isn’t inflation the price to be paid in exchange for deficit spending without taxes? And isn’t inflation a benefit cut?
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February 26th, 2009 at 10:48 pm
4. “Mr. Mosler, do you really believe that throwing money up in the air is the stuff economies are made of? Really, do you believe it?”
NO, SO I GUESS WE AGREE ON THAT AS WELL AS TO LET THE FDIC DO THEIR JOB!
ALSO, MY HOUSING PROPOSAL WAS DONE IN THE 30′S AS WELL.
5. Yes, all spending is an ‘inflationary bias’ and all taxing a ‘deflationary bias’
right now the deflation forces are winning. that won’t always be the case and there will be a time to tighten up the fiscal balance. The way to do that might be to constrain prices paid by government when the time comes. Can’t say in advance.
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