Schmidt,

i am not keeping track but seems the JG is now supported by more Dems than not.

We can thank Stephanie Kelton for that.

She’s definitely in the MMT camp, as now is former VT governor Howard Dean.

She’s not versed enough to discuss the intricacies of MMT, but she relied on Kelton talking points to swat away the “pay for” question with Anderson Cooper.

I know one of her advisers. Her chief of staff has promoted MMT on twitter recently.

I believe AOC went to the 2nd MMT conference in NYC in Sept. She was photographed at a dinner with Kelton and others.

Keep in mind the BLS reports are estimates, subject to revision(s), and even methodology changes.

The truth is we don’t have “hard” aggregate data on the “economy,” which is all the more reason to have a Job Guarantee that would allow the “economy” to tell policy makers what’s going on.

Venezuela exported oil and imported real stuff. Basic, important stuff. And the govt didn’t invest in trying to diversify the economy during the boom years of oil pricing.

All government spending or lending is the equivalent of printing money (US dollars).

All taxes paid or loans repaid to the government are like un-printing money (US dollars).

The limit is inflation as we are constrained by real resources.

Balanced budget myths or hard money advocacy has no place in progressive politics, and shouldn’t be allowed in Democratic Party circles.

Weimar lost the bulk of their industrial capacity and was running deficits 50% of their GDP every month. Insiders at their central bank were also shorting the currency driving its value lower.

Nobody is suggesting we do that. You are trivializing govt fiscal reality as the road to Weimar either not in good faith or out of pure ignorance. I suspect you are just cantankerous and unwilling to receive new information.

Both sides are incoherent on economics because they think and talk about government deficits as if we are still on a gold standard or fixed exchange regime.

A gov’t spending cut is like a tax increase at the macro financial level.

And the unemployed and lost output are part of the ‘size’ of gov’t.