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Peter Schiff v. Obama stimulus (and 15 charts via Mike Norman). video.

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    Few minutes of Peter Schiff running his mouth, pretty par for the wacko rightwing nonsense out there, then 15 graphs which obliterate everything he's saying.

    Schiff is a doomsayer who has always predicted doom. He didn't get the housing crisis right. He still doesn't understand the fraud that drove it to epic proportions.

    Democrats, you need MMT. Period.

    I can't stress this enough.

    MMT'ers have to make your arguments for you already.

    You can't defend what you believe in properly without it!

  • Are you sure you want to delete this post?
    I am still trying to understand it. (MMT)  I like this Romney/Ryan budget explantion nice and simple.  Will continue to work on understanding you MMT

  • Are you sure you want to delete this post?

    Few things to help you in understanding MMT, while adding to/critiquing Robert Reich, former Clinton Labor Secretary.

    When government spends on "books, bombs, bridges"....the money is spent by definition. And that equals private sector incomes and employment.

    But not all of  transfer payments or tax cuts are going to be spent. Some of that is going to be saved.

    So there's a spending multiplier associated with government spending vs. transfer payments and tax cuts.

    As far as we can tell.....Romney-Ryan wants to cut government spending and give tax cuts to those with the highest propensity to save. Meaning even less aggregate spending and a bigger government deficit unless there's a massive private sector credit expansion binge to fuel private spending and tax revenues.

    The paradox of thrift is such that dollar savings must be offset by another agent's deficit spending, or that much in output doesn't get sold, and there's that much less in incomes to save.

    The government's deficit is directly equal to the net-dollar surplus of the private sector + foreign sector. Period. It can be no other way. It's an account identity!


  • Are you sure you want to delete this post?
    So the tax cuts should go to poor folks like me cuz we will certainly spend it.  Sounds like a good policy to me.  Some Bain/Romney papers were just put on line.  Do you do hedge funds simplification.  Going to look for them.  Sounds like he was pretty shady.