I wish someone of influence within the Democratic Party would learn some MMT. Unless that happens, their economic ideas are doomed.
Here's an example of the proposed "stimulus" being put forth by Democratic members of the Supercommittee:
|Supercommittee Dems push for stimulus to be part of deficit deal|
By Erik Wasson - 10/26/11 11:49 AM ET
Democrats on the congressional supercommittee this week presented Republicans with a plan to cut the deficit that included billions of dollars in stimulus spending, aides told The Hill.
In a private session of the deficit panel on Tuesday, Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee, proposed trillions of dollars in tax increases that would partially cover stimulus spending for the economy, aides said.
The tax hike thing is just not going to pass. They should stop, already.
Or, they should call it what it really is: income redistribution. They should just come right out and say, "We want to redistribute income. That is our plan."
But for heavens sake, stop calling it a stimulus.
The don't do this because they are ignorant about how our monetary system functions. So are the Republicans, by the way, but at least the Republicans don't lie about their intentions. They pretty much come right out and say they want to give everything to the rich because the rich are "the job creators." We know that's a bunch of BS, but it's a sound bite that they've managed to make work.
This thing will never work. You have one party that is openly and unabashedly creating a policy conduit by which all of the nation's wealth is funneled up to an elite class of plutocrats, and then you have the bumbling Democrats who talk of "fairness" and greater equality, but then act like we've but a few crumbs left and we must struggle and strive and sacrifice in order to find a better way to divy those crumbs up among the citizenry.
It's truly pathetic. Both parties are to blame, but mostly I blame the Democrats. The party's leadership and its "intellectuals" are a bunch of snobby elitists who went to places like Harvard, Yale and Princeton who'll fight you tooth and nail so that that their misguided dogma rules the way they think and act.