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05-30-2012, 04:54 AM   #1
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Mitchell and MMT "gap"

For those that have ever bothered one of MMT's "offshoots" was the idea of "guaranteed employment" by the Gov.
I personally never really supported nor nixed the concept (it is hard enough to get the"basics" through the masses.. )
but Mitchell tackles the concept a bit, and why it is not beneficial to the MMT crusade..
For your interest and his "cure" for the economy as well (which I quote here)........

QuoteQuote:
In Professor Wray’s defense, he was not aware of my post, “Nine steps to prosperity,” where I listed these “cures,” not just for unemployment, but for many of the ills that beset our economy:

1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America
http://rodgermmitchell.wordpress.com/2012/05/29/why-modern-monetary-theorys-...wrong-problem/
The "other Mitchell" does support it....

QuoteQuote:
There is no doubt that these programs have been very successful within their narrow ambit. They also are used by some progressives to argue for an extension of them into what is known as a Basic Income Guarantee (BIG). For reasons that are outlined in this blog I prefer employment guarantees as the primary way to attack poverty. I think the progressives who advocate BIGs are giving too much ground to the conservatives.

The NYT article describes an anti-poverty program in Brazil. It notes that “Parts of Brazil look like southern California. Parts of it look like Haiti. Many countries display great wealth side by side with great poverty. But until recently, Brazil was the most unequal country in the world.” But on a positive front it notes that “Brazil’s level of economic inequality is dropping at a faster rate than that of almost any other country”.
http://bilbo.economicoutlook.net/blog/?p=13025
Anyway.. nobody will pay attention believing the US is "broke" (it is but not monetarily)...........

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