NEP’s Bill Black appears on The Real News Network and says that both Republicans and Democrats are financially illiterate when they speak about the deficit, and Trump’s economic experts are ‘completely disconnected from the real world.’ You can view here with a transcript.
By William K. Black
Kansas City, MO September 25, 2017
The University of Missouri – Kansas City recently hosted the first conference on Modern Monetary Theory (MMT) and a closely associated idea, a federally-backed job guarantee for everyone willing and able to work. On September 25, 2017, the New York Times published an article exemplifying one of the applications of the job guarantee that would provide a win-win that should unite anyone interested in strengthening the family. The title is “How Did Marriage Become a Mark of Privilege?” Claire Cain Miller authored the column, and her key takeaway are in these two passages.
Fewer Americans are marrying over all, and whether they do so is more tied to socioeconomic status than ever before. In recent years, marriage has sharply declined among people without college degrees, while staying steady among college graduates with higher incomes.
Americans across the income spectrum still highly value marriage, sociologists have found. But while it used to be a marker of adulthood, now it is something more wait to do until the other pieces of adulthood are in place — especially financial stability. For people with less education and lower earnings, that might never happen.
These facts establish an obvious policy that could unite the public. The combination of MMT full employment policies and the job guarantee is the best way to strengthen family financial stability. The United States, which has a sovereign currency, can do that. The European Union nations that lack a sovereign currency will frequently be unable to do so. Jobs, not simply income, are essential to many humans’ happiness and sense of self-worth. Unemployed American men, for example, do less housework than do employed American men. Businesses are deeply reluctant to hire the unemployed, particularly if they have been unemployed for any significant time. The cliché of males responding to unemployment through depression has considerable truth.