Discover and read the best of Twitter Threads about #PAYGO
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A thread for the #left
If we choose to change, just imagine what we can do. What makes America great has never been its perfection, but the belief that it can be made better. And that people who love this country can change it.
#antiwoke
If we choose to change, just imagine what we can do. What makes America great has never been its perfection, but the belief that it can be made better. And that people who love this country can change it.
#antiwoke
In hearings around the country, Americans reaffirmed our belief that this great nation can compete–and succeed–in the 21st Century but only if we take a new approach. One that is both innovative and faithful to the basic economic principles that made this country great.
#MAGA
#MAGA
We believe that it is essential to take immediate steps to stem the loss of manufacturing jobs. Taking these immediate measures will provide good jobs and will help the economy today. #FJB
@IndLeftNews @BenSpielberg @jimmy_dore (1) The #ReplacePelosiJan3 & negotiate w/other Speaker candidates 2 THEN #ForceTheVote + get more changes campaign was drowned out by the FTV movement. Today, the FTV ppl on the ground in DC r condemning Squad votes 4 Pelosi. Way too little & way 2 late.
@IndLeftNews @BenSpielberg @jimmy_dore (2) But, a more important 1, is that the Squad felt free 2 decide how 2 vote on Pelosi w/o consulting the ppl's movement. These advocates of bottom-up democracy did not practice it all when it came 2 the most important decision they would make during the next 2 years.
@IndLeftNews @BenSpielberg @jimmy_dore (3) They're not the only ones of course. Bernie Sanders did the same thing when he dropped out of the pressidential race. His "Not me. Us!" movement suddenly turned into an "it's my decision alone", affair. That enraged me at the time. It still does. After extracting all that ...
There are so many 1/2 baked populist ideas people latch onto & usually would screw us in the long run such as:
Constitutnl Convntion
Balanced Budget Amend
"Private Federl Reserve" conspiracy
UBI vs BI
State based Med for All
"Network of public banks to fund a #GreenNewDeal" 1/x
Constitutnl Convntion
Balanced Budget Amend
"Private Federl Reserve" conspiracy
UBI vs BI
State based Med for All
"Network of public banks to fund a #GreenNewDeal" 1/x
The cases they make for each of them are with a good heart in most cases but so uninformed it isn't funny...
A Constitutional Convention has been begged for by the Koch brothers and like minded libertarian fascists that they are prepared and have the governorships to make this end very badly for progressives.
My anger has been simmering for years and now I'm furious. I've written for 8 years about our decimated primary care/public health care system, including lack of preparedness for epidemics. @commonwealthfnd sums it up nicely. #coronavirus 1/x long thread! commonwealthfund.org/blog/2020/coro…
I first wrote about our lack of preparedness in 2012 @Forbes. A good part of the ACA? Funding had been greatly increased for public health. Guess what? That funding was the first to get cut in the arguments over the ACA. 2/x #pandemics #COVID19 forbes.com/sites/carolynm…
Later in 2012, I wrote about the importance of community health centers and how they have to beg Congress time and time again for funding. Guess what? They still have to beg and funding gets cut year after year. @NACHC
Here is the article @Forbes - 3/x forbes.com/sites/carolynm…
Here is the article @Forbes - 3/x forbes.com/sites/carolynm…
Let me tell you what is absolutely apparent to me right now in this election cycle:
1. The #MMT community has a helluva lot of work to do because economic illiteracy is going to kill us all while we wait for light bulb moments for far too many so called Progressives
1. The #MMT community has a helluva lot of work to do because economic illiteracy is going to kill us all while we wait for light bulb moments for far too many so called Progressives
2. The #UBI vs #FJG fight was never understood, the impacts poorly circulated. Alternative media failed to bother to learn, presuming to know shit they were out of their depth to speak to. The MSM and establishment greedily advanced neoliberal policies and the masses are asleep
3. The word "socialism" is still weaponizable and is being trotted out by establishment @TheDemocrats to some effect. They are redbaiting & propagandizing all manner of evil and far too many will attempt to unify a neoliberal message which means we all die from #ClimateEmergency
Thread.
Somehow, @paulkrugman got the impression that “MMT” says we can get to M4A without the need for any offsets. My impression is that he‘s actually arguing with non-economists who say things online.
Somehow, @paulkrugman got the impression that “MMT” says we can get to M4A without the need for any offsets. My impression is that he‘s actually arguing with non-economists who say things online.
I recently had an opportunity to explain my own thinking on this very question with @ezraklein and @jasonfurman. Jason shares Krugman’s opinion that you need enough new revenue to fully offset any new spending with M4A. #PAYGO
I responded that no one had done the hard work to try to arrive at the right answer but that I suspect it is not 1-1. Bottom line is that MMT *economists* have approached this question from a serious place, and it is simply wrong to claim MMT says, “Print Your Healthcare.”
Sort of. A lot of Ds are intellectually lazy and do not understand #PAYGO and do not want to. They are mad anyone would dare distrust the fancy folk to whom have outsourced their brain. The danger of @AOC isn't the theatricality, it's that she can think.
So much of the 'we must get along' and process-talk and calls for unity are just about laziness. Writing law is hard! It requires boring detailed work fighting with fancy people who sneer at you. It's much easier to pretend to wonk out than to actually do it.
1. Ok, a quick thread on what I think was a very significant ideological fight that happened last week. The dispute was over something known as #PayGo and while it appeared to concern boring government budgeting questions, it is actually about the nature of money and democracy.
2. Money is a very weird thing. It is at heart a commodity that a group agrees is a medium of exchange. What gives money value is both a collective belief it does, and an enforcement trigger, ie taxing authority. Dollars have value bc the U.S. gov't collects taxes in dollars.
3. The value of money is essentially the amount of money in circulation versus how much stuff the economy produces. If you have a bigger economy you need more money to match that increased trade. Money is permission to use resources, the more resources the more money you need.
#PAYGO needs to go once and for all! That’s why I’m cosponsoring legislation with my @USProgressives colleagues @RepJayapal and @repmarkpocan to repeal it.
The time has come to finally scrap this antiquated rule.
The time has come to finally scrap this antiquated rule.
Let me clarify. In order to get rid of paygo, one needs to pass legislation, it’s not just a house rule. legislink.org/us/pl-111-139.
Additionally, getting rid of the pay go house rule would kick the responsibility of how to offset the cost of new legislation to the trump administration. Which they would do with across the board cuts (or what the Reps call cutgo) and not revenue increases.
#PAYGO threatens our ability to enact the kind of transformative change we need at this moment in history. Truly undoing its corrosive impact on our democracy requires a change in law, which is why the first bill i'm cosponsoring is for a full repeal of the #PAYGO statute.
The pressure all of you mounted on #PAYGO helped create the space for progressives to win important concessions:
-A hearing for Medicare for All
-Repeal of a rule requiring a supermajority for tax increases
-40% of every committee will be progressive caucus members
-A hearing for Medicare for All
-Repeal of a rule requiring a supermajority for tax increases
-40% of every committee will be progressive caucus members
For now, Leadership has pledged not to use #PAYGO to obstruct progressive bills, and I know all of you will join me in holding them to that promise.
When I asked you all to join me as I enter the halls of power I meant it, and I thank you for raising your voice on this issue.
When I asked you all to join me as I enter the halls of power I meant it, and I thank you for raising your voice on this issue.
#PayGo in simple terms:
Means the government must demonstrate that it will *subtract* a 💵 from the economy for every 💵 it intends to *add*.
Why on 🌎 would we want a rule to prohibit *net* 💵 contributions to the economy?
Means the government must demonstrate that it will *subtract* a 💵 from the economy for every 💵 it intends to *add*.
Why on 🌎 would we want a rule to prohibit *net* 💵 contributions to the economy?
Without #PAYGO, Congress is free to put more 💵 into the economy than it subtracts away. That money could rebuild infrastructure, fund cancer research, etc. We call it “deficit spending,” which is unfortunate. B/c it all becomes part of the financial surplus *outside* government.
The relevant questions are: (1) Why is that 💵 being spent—i.e. does the spending improve the human condition? & (2) Who ends up with the 💵 surplus—i.e. are you exacerbating or reversing inequality? All deficits improve *someone’s* balance sheet. Ask why and for whom.
I want you to know something terrifying...
Only @RoKhanna and @Ocasio2018 even voiced opposition to #PayGo from the Democratic Party.
Rank and file Democrats on Facebook ignored Dr @StephanieKelton regarding this matter.
Only @RoKhanna and @Ocasio2018 even voiced opposition to #PayGo from the Democratic Party.
Rank and file Democrats on Facebook ignored Dr @StephanieKelton regarding this matter.
Rank and file Democrats give Republicans all the ammo they need pretending the nation is constrained by taxation for spending.
Rank and file Democrats have accepted austerity is the "right thing to do". To be "fiscally responsible" and "clean up the Republicans budget mess".
Rank and file Democrats have accepted austerity is the "right thing to do". To be "fiscally responsible" and "clean up the Republicans budget mess".
Rank and file Democrats do not realize our nation creates dollars when it spends and destroys dollars when it taxes.
Rank & file Democrats end up supporting #GreenNewDeal killing economics of austerity then do the Republicans job for them by asking "How are you gonna pay for it"
Rank & file Democrats end up supporting #GreenNewDeal killing economics of austerity then do the Republicans job for them by asking "How are you gonna pay for it"
Thread - theintercept.com/2018/09/04/nan…
@RepBarbaraLee @AdyBarkan @NancyPelosi @TeamPelosi @RepMarciaFudge @SenSanders @BernieSanders @CedricRichmond @Ocasio2018 @DNCWomen @DNC @TulsiPress @TulsiGabbard @StephanieKelton @SRuhle @MMFlint #LearnMMT #MMT #FightForUS
@RepBarbaraLee @AdyBarkan @NancyPelosi @TeamPelosi @RepMarciaFudge @SenSanders @BernieSanders @CedricRichmond @Ocasio2018 @DNCWomen @DNC @TulsiPress @TulsiGabbard @StephanieKelton @SRuhle @MMFlint #LearnMMT #MMT #FightForUS
1. I'm sorry... but we are at a critical point where we can no longer tolerate folks willfully ignoring the economics any longer. Stakes are just too damn high.
This Green New Deal we all want? It is LITERALLY only possible with MMT. Period. #PAYGO is a self inflicted gun shot
This Green New Deal we all want? It is LITERALLY only possible with MMT. Period. #PAYGO is a self inflicted gun shot
2. wound to our goals of a Green New Deal. "A new vanguard of economists in Washington, including former Bernie Sanders staffer Stephanie Kelton, has argued that under modern monetary theory, public spending is only constrained when the economy is running at full capacity
