Inequality and MMT
For some time now, MMT has been receiving criticism from self-identified progressives charging that MMT economists and advocates aren’t concerned about one of the most pressing problems in modern democracies and especially in the US, namely, increasing and often extreme inequality. MMT supporters have responded by citing much previous work on inequality, a lot of it done at the Levy Institute, by pointing out their great concern over the problem, and their work in advocating for a Federal Job Guarantee that would do more than perhaps any other single piece of legislation to ameliorate both poverty and inequality.
By Joe Firestone
All of a sudden MSNBC cable commentators are talking about plutocracy and oligarchy. Surprisingly, the first occurrence of this I’m aware of was Chuck Todd, reacting on his Daily Rundown show to the spectacle of Republican candidates traveling to Vegas to seek funding from Sheldon Adelson and his group of hugely wealthy Jewish Republican donors. Todd began to explore the implications of that event. He seemed exercised, and more than the slightest bit upset, about its meaning for Democracy and used the words plutocracy and oligarchy. Andrea Mitchell also discussed it later and she, too, registered apparent dismay, while using the “p” and “o” words.
Chris Hayes has been on leave during this period, so we haven’t heard from him about this. But Chris Matthews, the “oh so very slightly left-of-center insider” has been making very unfriendly noises about Adelson, the Kochs, and the Supremes, culminating today (April 3rd) with nasty references to plutocrats, oligarchs, and candidates, kissing oligarchs somewhere or other, on both his program and Al Sharpton’s.
Posted in Joe Firestone
Tagged Abby Hunstman, deficit spending, inequality, jamie galbraith, Krystal Ball, MMT, modern money theory, oligarchy, plutocracy, REAL fiscal responsibility, Susan Ochs, Thomas Piketty, threat to democracy
By June Carbone
The debate over inequality has shifted. It is no longer whether greater inequality exists (it indisputably does) or whether it is a good thing (even David Brooks and Marco Rubio concede that it is not). Instead, the big issue is whether the rise of the top one tenth of one percent with their extraordinary concentration of wealth has anything to do with the rise of inequality between the middle and the bottom. The answer is, of course it does, in ways that are both simple and complex. Let us begin to count the ways . . . .