Home | About | Donate

Amid Mounting Progressive Pressure, Congressional Leaders Reportedly Planning to Include Direct Payments in Relief Package

They call some of us “Essential” Workers

Because Sacrificial sounds too dark !

~https://i.imgur.com/KssiRov.gif

9 Likes

Of course it works. Keynes “proved” it in theory, and FDR provided evidence in practice that the underlying idea–putting money in the hands of people who lack it–is the ONLY way to dig both the recipients AND the economy as a whole out of a deep hole. It became the linchpin of “Keynesian” economics even though it was about the only aspect of that theory that was directly due to Keynes, and in that guise it was the conventional wisdom until the recession that resulted from the OPEC oil embargo. A primary reason for the embargo was the US assistance to Israel after the Yom Kippur attack (1973).

Credit to Yang for embracing it, although I didn’t put much stock in the rest of his program.

3 Likes

What I’m saying is that in America, MMT is only for the rich and large corporations, much like socialism. As the 2008 financial crisis demonstrated (and several other times since) the powers that be are perfectly willing to suspend the rules of classic monetary theory for some, but not others. More class warfare.

3 Likes

Evil, even LoTE, doesn’t become Evil until it is beyond salvation. Capitalism is the path that takes the selfish and greedy beyond the realm and reach of salvation.

2 Likes

Most states are seizing the stimulus checks of those who are behind on child support payments. This is a very race and gender specific issue as men of color who are under hired due to their race, will be the most affected. Where are the progressive women in Congress when it come down to helping men of color whose driver license and other access are revoked because they are poor, unemployed, and also have covid 19, and also, dealing with this virus? No relief for poor men. No relief for men of color from women in leadership. How many men of color have progressive liberal women in Congress hired? Biden and Harris have hired little to no black, Latino, or Asian US born men but look at the number of women hired. Where is the gender and racial equity in hiring in the Biden administration? It is not the there.

3 Likes

Is America beyond salvation, perhaps?

5 Likes

Well, in my opinion, what needs to be done to avoid the economic and climatic collapse of our nation is beyond the capacity of our current political system to correct, or adapt to.

7 Likes

Yep, Capitalism has Failed the 99%.
We need a Post-Capitalism economy. Problem is that only capitalists are in control.

and as Albert told us:

We cannot solve our problems with the same thinking we used when we created them.

  • Albert Einstein
8 Likes

This loss of food and shelter would be a forever on going tragedy if social security were appealed.
Does Mitch have plans for tent cities and soup kitchens?

We should suggest that politicians that won’t support relief, move in with a destitute family for a month.

1 Like

No disputing any of that, which has been the case for millennia.

There is, however, a narrow distinction between economic theory and political theory. Until Keynes, and with horrific consequences when the Fed punted the first time it was called to do what it had been created 16 years earlier to do (lend money in a financial meltdown), the quantity of money in existence was considered to be fixed and immutable except over long periods of time.

It isn’t.

The “Quantity Theory of Money” was a cornerstone of the formal theory of Hume, which inherited from John Locke. In the 18th century it seemed to make sense if you squinted your eyes sufficiently, even though “fractional reserve banking” had been in use for quite a while, mostly unacknowledged. Today honest and thoughtful economists–don’t laugh; today there are many, with more added each year–know that it is as bogus as a three thousand dollar bill.

I’m not a gambling man, and I don’t even have a crystal ball. But if the present CF continues much longer, it would not surprise me if some of them were to call out the bankers AND the politicians when they say there is not enough money, or that another big expense would lead to hyperinflation. Over the past four years that claim has been roundly disproved.

5 Likes

Well, they’ve already shown us that they can run the printing presses as much as they want.

so this is about keeping all of the money in the 1% - greed and sociopathy

8 Likes

No problem as long they are printing $$$$$$$$$$$$$$ for the military.

8 Likes

Maybe politicians should be forced to do any trading during the annual insurance open season only.

1 Like

or cannon fodder.

3 Likes

+100%. It’s horsesh*t.

~https://www.youtube.com/watch?v=wHcMUYSi-Vs

3 Likes

What is the actual mechanism of control? What in the system gives them power and the masses so little? The game called money. And to paraphrase your Einstein quote, you can’t solve the problems created by money with more money.

3 Likes

Better yet: provide “welfare”-type debit cards for water, food, shelter, utilities including the inet and transportation, clothing, health, schooling, and pocket money. Apply mandatory knock-on reductions to all expenses such that ultimately it’s the top level of the owner class that takes the hit. Do that for all of 2021 and it’d be rope-and-lamppost time if the owner class tried to revert it.

4 Likes

Cited from the Politico article:
“congressional negotiators are on the brink of a coronavirus rescue package that would include a second round of direct payments, but would likely leave out state and local funding and a liability shield.”

If they block the liability shield, and include some level of direct payments and enhanced unemployment benefits, this will be worth voting for. Not all we need, but i can accept it for now. (Personally, i’m still housed right now because of the first payment and the enhanced unemployment benefits from the CARES Act. i know millions of people are worse off than i am.)

And of course yes, wait and see what the final bill is.

4 Likes

I think in a post capitalistic society there wouldnt be such a incredible concentration of wealth in the hands of such a small group - by design.

Although it might require another Revolution to get there

4 Likes

It wouldn’t work --psychopaths don’t have the ability to feel guilt or any other strong emotion apart from personal fear. Think crocodile-inna-suit.

3 Likes