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A "Radical Revolution of Values": MLK & a Job Guarantee

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  • Strongly Liberal Democrat
    Dallas, TX
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    "Radical Revolution of Values" (video)


    MLK supported a Job Guarantee (JG) for everyone able and willing to work as his first choice for an anti-poverty program (link). If we can put a man on the moon via a rocket propelled tin-can with computers that couldn't power a modern calculator, we can provide a job to every American who wants to work. Plenty of things we need done in the non-profit/public sector, and plenty of output left unsold by the private sector. By setting a floor for those left unemployed by the private sector, we can expand output, raise living standards, and maintain price stability.

    Involuntary unemployment is a cost. It's like a tax on those left working, and involuntary unemployment is a direct consequence of government not spending enough for people and employers to pay their formal taxes and save what they try to save. The best way to maintain full employment and price stability is a rules-based government JG that allows the market for job seekers to determine the size of government deficit spending needed to keep the workforce fully employed. Other names for the JG get right to the point: Employer of Last Resort (ELR) or employed labor buffer stock.

    Americans overwhelming want to contribute and to take responsibility for their lives. The problem is the system won't allow all of them to do that, and the consequences are staggering. The currency is a public monopoly made in the USA. It is no object. There is no risk of government insolvency. Government debt is not a burden on grandchildren but the equity that supports the credit-structure of private debts. Government deficit=non government surplus. Link to a net-sectoral financial balances graph to show you this with your own eyes. "The press generally won't tell us these things, but God told me to tell you this morning: the truth must be told." Deficit Reduction and Government Surpluses ARE UNSUSTAINABLE. "No lie can live forever."

    The limits on money creation are not on the financial side of things, but the real assets of our economy (available resources that can be used for useful output). Right now, we have upwards of 20 million plus people unemployed or underemployed, so there's a ton of labor available, while more than a 1/5 of existing industrial capacity is unused, and there are all kinds of ways we can use natural resources more efficiently and sustainably to add to useful output. So don't tell me, "we can't afford a JG." The fact is, we can't afford not to! Roads and bridges are crumbling, water systems need upgrades, shorelines need to be reinforced, brush land needs to be cleared, forests need care, etc. Our infrastructure investment deficit is estimated at around $2 trillion dollars, and we've got people with the skill set we need to do the repairs and improvements we need sitting on the sidelines. It's complete madness! Neither political party understands the monetary system that we have!

    Modern Monetary Theory (MMT) is the last progressive left standing.

    MLK on poverty in America (video)

    All credit for these ideas to UMKC and MMT economists.