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Gotcha, thanks.
As an informative poll... with the knowledge that politicians would use the results, and both sides would use it as a hammer to bash the other about policy anyways.
"Look! 40% of poll responses in New Mexico supported taxes going to military, showing the populace wants to spend money on it!" etc etc
Edit: It just feels to me that what the population wants is somewhat unheard. Policy gets made by the experts and think tanks, politcians have their pet projects, and most polls are probably too limited. But if there were an informal poll on a mandatory requirement, I would assume coverage would be widespread and able to get around sampling size bias.
Gotcha, thanks.
Got to go beyond wiki.
Modern Monetary Theory has roots in chartalism and functional finance. Here's the history beyond wiki. From the creator
Moslereconomics.com/2011/08/04/mmt-history-and-overview
Beyond Wiki?
How about 14 years of schooling?
Call me a shill to the academic establishment if you like, but your insinuations that I haven't gone "beyond Wiki" are insulting. It it were Wild Cobra, Yonivore, Boutons, or the PaulBots, I'd laught them off - but I actually respect you.
Last edited by scott; 08-02-2012 at 04:33 PM.
"Policy gets made by the experts and think tanks, politcians have their pet projects"
but all of them get paid to "make policy" by the 1% and Corporate-Americans who will profit from the policy. iow, nothing gets done unless somebody benefits financially, and that somebody excludes Human-Americans who have no say in policy making.
I apologize for the insult. MMT is not chartalism as wiki suggest, but to say you got your info from there was wrong of me. I appreciate your high level thread.
Btw, I wouldn't fight to convince you if the respect wasn't mutual.
Having studying Chartalism in the past, and having read about (though not nearly in depth) MMT... I fail to see a real distinction between the two. In any event, the same criticisms of Chartalism apply to MMT.
Fair enough.
To be continued.... Wifey walking in the door
Dude!Fair enough.
To be continued.... Wifey walking in the door
Tell her to go make you a pie! You are busy solving the worlds problems on SPURSTALK!
It does sound like a book sales pitch tbh.
Modern Monetary Theory (MMT) in a Nuts
A rampaging mutant macroeconomic theory called Modern Monetary Theory, or MMT for short, is kicking keisters and smacking down conventional wisdom in economic circles these days. This is because an energized group of MMT economists, bloggers, and their loyal foot soldiers, lead by economists Warren Mosler, Bill Mic , and L. Randall Wray are swarming on the internet. New MMT disciples are hatching out everywhere. They are like a school of fresh-faced paramedics surrounding a gasping heart attack victim. They seek to present their economic worldview as the definitive first aid for understanding and dealing with the critical issues of growth, unemployment, inflation, budget deficits, and national debt.
MMT is a reformulated blend of some older macroeconomic theories called Chartalism and Functional finance. But, it also adds a fresh dose of monetary accounting for intellectual muscle mass. Chartalism is a school of economic thought that was developed between 1901 and 1905 by German economist Georg F. Knapp with important contributions (1913-1914) from Alfred Mitc -Innes. Functional finance is an extension of Chartalism, which was developed by economist Abba Lerner in the 1940′s.
However, Chartalism and Functional finance did not directly spawn this new mutant monetary theory. Rather, Modern Monetary Theory had a hot, steamy, Rummy induced, immaculate conception as its creator, Warren Mosler, has stated:
The origin of MMT is ‘Soft Currency Economics‘ [1993] at www.moslereconomics.com which I wrote after spending an hour in the steam room with Don Rumsfeld at the Racquet Club in Chicago, who sent me to Art Laffer, who assigned Mark McNary to work with me to write it. The story is in ‘The 7 Deadly Innocent Frauds of Economic Policy’ [pg 98].
I had never read or even heard of Lerner, Knapp, Inness, Chartalism, and only knew Keynes by reading his quotes published by others. I ‘created’ what became know as ‘MMT’ entirely independently of prior economic thought. It came from my direct experience in actual monetary operations, much of which is also described in the book.
The main takeaways are simply that with the $US and our current monetary arrangements, federal taxes function to regulate demand, and federal borrowing functions to support interest rates, with neither functioning to raise revenue per se. In other words, operationally, federal spending is not revenue constrained. All constraints are necessarily self imposed and political. And everyone in Fed operations knows it.
LOL...
If it were only that simple. Even if someone here had a proper fix, we would never come to consensus.
Teysha's Southern Fried Chicken Sandwiches w/ the 3 pickle combo! ™
That was fast!
But, here's my two-cents worth:
CLICK THROUGH TO COMMON SENSE TAX REFORM!
highly regressive, as the wealthy who push it intend
But, here's my two-cents worth:
CLICK THROUGH TO COMMON SENSE TAX REFORM!
Regressive? How so?
This is the tax plan with the prebate component. Seems to shore up alot of the regressive nature of a flat tax plan.
I think that's just the popular word to say when you don't understand or object to a tax reform.
It's not regressive. You only pay taxes on purchases beyond the necessities and that goes for everyone.
Say a person making $2M a year spends $1M and puts the other $1M in savings. He is taxed on only 50% of his income. Of course the person who spends 95% of his money (say $95k out of $100K) is taxed on 95% of his income. Regressive or not, it will do nothing to address rising inequality and will likely exacerbate it.
I would think the lefties would love the prebate aspect of it.
I forget, how much is the prebate? Anyone remember?
So, I think that extreme inequality has a negative effect on society.
Using my own finances, my wife and I will make around $320K year or possibly more. We are savers so we live on around 60-65K per year. So if I'm reading the plan right we'll pay around $7800 in taxes. A couple making $82k (and spending it) will pay $9400 in taxes. That doesn't sound regressive?
I never like the concept the Fair Tax so I never looked into it, but now looking at the numbers... Yeah! Let's do it!
If I remember, it's based on the amount of tax that would be paid for necessities each month.
Ok. So it's not regressive.
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