Very important argument. In conversations with others - Democrats - the wrong lessons are already being learned from this crisis and response. The boldness was critical and had many positive effects. Thanks for putting this together.
I agree, but the "many positive effects" did not carry over into electoral success, and as we know, elections have consequences. So, did American voters fail to see those positives in their lives? Did Democratic leaders fail to get the good news out? Something else?
We have to reckon with the fact that the dominant wing of the Democratic Party simply does not want to improve the country. They and their donors are quite happy to accumulate wealth under Trump, win on thermostatic reaction, and then do nothing once they retake power. Apres moi le deluge.
This article seems to put a lot of emphasis on the wrong question, and the analysis seems quite flawed. It is misleading to compare the COVID recession to 2001 or 2008. Those previous recessions were driven by totally different factors. In retrospect, COVID may well be best described as a transitory recession (a mile deep but an foot wide). And although one can challenge the exact timing of monetary policy, the true political battle is about the size of the fiscal response. We essentially flushed a huge amount of money into private hands, resulting in some easing of the impacts of the recession (great!) but also a big impact in raising already inflated asset prices and increasing public debt and so making it difficult to finance major public investment needs (not so great). Let's look at the whole picture properly when assessing the pros and cons of the COVID fiscal and monetary response.
With MMT, we can finance the government spending we want with no increase in public debt. So that issue is solvable. As for the "inflated" price of assets, the solution would be to increase the number of assets, making them more common and more widely distributed and more affordable. Increase supply in other words.
But Conservatives and Republicans are somehow immune to only learning the lessons they want to learn? I don't think so. I see an awful lot of wishful thinking there also. I would say Trump's entire political career seems to be wishful thinking. Mainly the wishful thought that he is going to "save" America. He will do no such thing. Instead he will deliver America to the Billionaires. Watch and see.
So much easier to frighten ignorant people with torrents of lies than to try to pursue the truth. We have one party that works more or less on public policy and another party that works on gaming the system to win elections and reap the spoils. It's their only path to victory.
Whatever one might say about the US political economy and inflation, the grim truth is the majority of voters who went to the polls, voted for Trump -- after all that's known about him + all he's done. Terrifying.
I wish some economist would focus on the issue of price gouging, separately from conventional analyses of inflation. I think price gouging is what most people are upset about. All the businesses that raised their prices under the cover of “it’s because of inflation” have not corrected and returned to pre-inflation prices. I’ve read that restaurants are a prime example of this. The truth is they kinda like the new pricing that was spurred by inflation and are enjoying the boost to profits. For everyday folks, Bob Dylan’s lyric “you don’t need a weatherman to know when there’ a wind blowing” applies. We actually have memory of what prices were. The credibility of analysts is in question when they seem to be unable to know when it’s a windy day and show us all kinds of “wise” data that it’s not.
Same goes for climate disaster: “the weather seems to be getting warmer, the winds, you know, and less rain,” but, of course, “more research is needed.”
Could we just please try to address public issues a little more deeply and broadly and from the actual experience of people, say, buying groceries?
Are they just plain crazy thinking prices have gone up?
Once the elimination of the dead voters and millions of illegal immigrants are removed from State voting rolls Donald Trump won by a landslide. Blue states protected cheating. Hope for the best. The second move after removing criminal (sic) illegal immigrats, is to go after every business gouging products over 60% since easing restrictions and fully opening businesses after COVID19 subsided miraculously as sleepy joe was inserted as president. Most businesses in NYC have grossly compensated for their losses 📉 by over pricing. Uber and Lyft need to be taken to court for over-taxing it's customers. NYC needs a revamp in every which way specifically in policing. The City has turned in to a haven for crimnals against its citizens. Much of the crimes committed by foreign nationals. Fact. Next, open up the oil pipeline. It's freezing 🥶 in New York City at 28 degrees and we have no heat. Opening up the pipeline will allow businesses to run their establishments warmer (at a lower price), it's a start to bringing about an Optimistic approach to serving my Nation but none of these measures can happen effectively if the support by "we the people" isn't there nor if honesty, isn't there within the federal government. Lastly, nothing good is going to happen if this Nation doesn't turn its face to the Almighty Creator in Repentance and Thanksgiving. Everyday.
Very important argument. In conversations with others - Democrats - the wrong lessons are already being learned from this crisis and response. The boldness was critical and had many positive effects. Thanks for putting this together.
I agree, but the "many positive effects" did not carry over into electoral success, and as we know, elections have consequences. So, did American voters fail to see those positives in their lives? Did Democratic leaders fail to get the good news out? Something else?
We have to reckon with the fact that the dominant wing of the Democratic Party simply does not want to improve the country. They and their donors are quite happy to accumulate wealth under Trump, win on thermostatic reaction, and then do nothing once they retake power. Apres moi le deluge.
This article seems to put a lot of emphasis on the wrong question, and the analysis seems quite flawed. It is misleading to compare the COVID recession to 2001 or 2008. Those previous recessions were driven by totally different factors. In retrospect, COVID may well be best described as a transitory recession (a mile deep but an foot wide). And although one can challenge the exact timing of monetary policy, the true political battle is about the size of the fiscal response. We essentially flushed a huge amount of money into private hands, resulting in some easing of the impacts of the recession (great!) but also a big impact in raising already inflated asset prices and increasing public debt and so making it difficult to finance major public investment needs (not so great). Let's look at the whole picture properly when assessing the pros and cons of the COVID fiscal and monetary response.
With MMT, we can finance the government spending we want with no increase in public debt. So that issue is solvable. As for the "inflated" price of assets, the solution would be to increase the number of assets, making them more common and more widely distributed and more affordable. Increase supply in other words.
Liberals and democrats will learn the lessons that they want to learn and no other.
But Conservatives and Republicans are somehow immune to only learning the lessons they want to learn? I don't think so. I see an awful lot of wishful thinking there also. I would say Trump's entire political career seems to be wishful thinking. Mainly the wishful thought that he is going to "save" America. He will do no such thing. Instead he will deliver America to the Billionaires. Watch and see.
I said not a word in praise of conservatives and republicans, but they were not the subject ot the article.
So much easier to frighten ignorant people with torrents of lies than to try to pursue the truth. We have one party that works more or less on public policy and another party that works on gaming the system to win elections and reap the spoils. It's their only path to victory.
Agreed. Though I wonder if we're thinking of the same parties and the same methods.
Excellent. This is really insightful.
Whatever one might say about the US political economy and inflation, the grim truth is the majority of voters who went to the polls, voted for Trump -- after all that's known about him + all he's done. Terrifying.
I wish some economist would focus on the issue of price gouging, separately from conventional analyses of inflation. I think price gouging is what most people are upset about. All the businesses that raised their prices under the cover of “it’s because of inflation” have not corrected and returned to pre-inflation prices. I’ve read that restaurants are a prime example of this. The truth is they kinda like the new pricing that was spurred by inflation and are enjoying the boost to profits. For everyday folks, Bob Dylan’s lyric “you don’t need a weatherman to know when there’ a wind blowing” applies. We actually have memory of what prices were. The credibility of analysts is in question when they seem to be unable to know when it’s a windy day and show us all kinds of “wise” data that it’s not.
Same goes for climate disaster: “the weather seems to be getting warmer, the winds, you know, and less rain,” but, of course, “more research is needed.”
Could we just please try to address public issues a little more deeply and broadly and from the actual experience of people, say, buying groceries?
Are they just plain crazy thinking prices have gone up?
Once the elimination of the dead voters and millions of illegal immigrants are removed from State voting rolls Donald Trump won by a landslide. Blue states protected cheating. Hope for the best. The second move after removing criminal (sic) illegal immigrats, is to go after every business gouging products over 60% since easing restrictions and fully opening businesses after COVID19 subsided miraculously as sleepy joe was inserted as president. Most businesses in NYC have grossly compensated for their losses 📉 by over pricing. Uber and Lyft need to be taken to court for over-taxing it's customers. NYC needs a revamp in every which way specifically in policing. The City has turned in to a haven for crimnals against its citizens. Much of the crimes committed by foreign nationals. Fact. Next, open up the oil pipeline. It's freezing 🥶 in New York City at 28 degrees and we have no heat. Opening up the pipeline will allow businesses to run their establishments warmer (at a lower price), it's a start to bringing about an Optimistic approach to serving my Nation but none of these measures can happen effectively if the support by "we the people" isn't there nor if honesty, isn't there within the federal government. Lastly, nothing good is going to happen if this Nation doesn't turn its face to the Almighty Creator in Repentance and Thanksgiving. Everyday.
You're delusional and should seek help.
You’re insane.