Beardsley Ruml, the guy that wrote ‘Taxes For Revenue Are Obsolete’ in 1946 which is quoted by every single ‘prescription’ MMT ‘academic’ from Pavlina Tcherneva to Bill Mitchell, also said this: “The corporation income tax must go, taxes on corporation profits have three principal consequences and all of them are bad.” As chairman of the Federal Reserve in New York, Mr. Ruml insisted that the case for ending the corporate tax was overwhelming. “It is evil…it should be abolished,” he said.
Which begs the question: Why don’t the same MMT ‘scholars’ that love to quote Beardsley Ruml, ever mention that, or ever give the current administration any credit for dropping the corporate tax rate to 21% from 35% which Beardsley Ruml would have approved of (?)
Why don’t MMTers that want a reduction of payroll taxes for the working class, ever give the current administration any credit for the Tax Cuts and Jobs Act that lowered individual income tax rates (?)
Why don’t MMTers that want to raise the standard deduction, ever give the current administration any credit for doubling the standard deduction to 24K for a household (?)
Why don’t MMTers that want to address wealth inequality, ever give the current administration any credit for pinching the rich with a 10K cap on State and Local Tax (SALT) deductions (?)
Why don’t MMTers that want the federal gov’t to deficit spend more, ever give the current administration any credit for substantially growing the deficits now projected to top $1 trillion by 2020 (?)
Why don’t MMTers that know that we won’t default because we can always print the money, who gave then-candidate Trump credit for saying “We won’t default because we can always print the money”, then turn against any MMTer who suggested we call him an ‘MMT candidate'(?)
Why were most MMTers saying that we should have the federal gov’t spend $500B creating non-competitive ‘jobs’ in a Job Guarantee (JG) program, right now, in a labor skills shortage, during The Longest Private Sector Jobs Growth In US History, with record-breaking-low unemployment rates, the lowest jobless claims in 50 years, or in other words, IN THE HEALTHIEST JOBS MARKET IN DECADES? Why do these MMTers prefer that the unemployed become permanent* sharecroppers on a modern-day plantation (a soviet-style Job Gulag which is a UBI with a forced-work requirement) instead of as potential shareholders on a capitalist launchpad (?) (*Dr. Bill Mitchell actually said, quote, “Even if that person stays in that Job Guarantee position forever and no private employer would ever take them on…Huge success”, unquote)
Why didn’t these same MMTers not give the current administration any credit after a White House executive order calling for a federal JOBS TRAINING program, or more specifically, a ‘Training for the Jobs of Tomorrow’ initiative to tackle the challenges posed to the workforce (?)
Why didn’t these same MMTers not give the current administration any credit when 23 companies and associations signed a pledge at the White House on July 19, 2018 committing to expand apprenticeships, to train, re-train and ‘upskill’ more than 3.8 million American students and current workers for new jobs and rewarding careers (?)
Why didn’t these same MMTers not give the current administration any credit after the Perkins Career and Technical Education Act, providing more than $1 billion each year to states for vocational and career-focused education programs, tailored toward secondary and post-secondary students, that will help employers fill the high-skill jobs of tomorrow, was signed into law on July 31, 2018 (?)
The answer is…
…because mommy picked the wrong cereal brand on November 9, 2016, they’ve since ignored the Facts, Math & Data and have become #FAKEMMTERS (!)
Fake MMTers have been promoting their political ideologies with empty promises of guaranteed ‘jobs’ and more free ‘ponies’ (in exchange for votes) under the guise of promoting pure MMT (under the guise of ‘economics’).
Each and every day, it is getting more obvious that, unlike the current (MMT) administration, these #FAKEMMTers are now only interested in pandering to problems (pandering to their choirs) instead of actually solving problems (instead of actually helping them).
P.S. Those fists are not up in the air, those fists are going back & forth in a #learnmmt group circle jerk. Those folks need to get out of that cult while they can (and #UNLEARNFAKEMMT).
P.S.S. On 09/09/2018 Mike Norman got ‘woke’ (better late than never): “Deficit spending balloons to $980B. Where are all the MMT gods cheering this (?) The largest nominal deficit since 2009 and the largest as a percentage of GDP since 2012. The MMT gods should be cheering this. They’re not. Weird.” —Mike Norman Economics
Thanks for reading,