The permanent Job Guarantee proposal (a hijacked version of Mr. Mosler’s 2010 7DIF ‘Transitional JG’ proposal) was yet another Big Lie from today’s #FAKEMMTers who are desperately trying to fool us into thinking that we have a jobs shortage problem (that we need the gov’t to create jobs)…
The biggest lie was that their JG solved an actual problem (like Mr. Mosler’s JG that would have solved an actual jobs shortage problem which we had in 2010). The #FAKEMMTers, along with other MMT academic ‘scholars’ (who apparently forgot that they received degrees in economics, not politics) lie to you about ‘tens of millions’ of ‘involuntary unemployed’; or that ‘taxes don’t fund spending’; or that there is ‘no such thing as federal taxpayers’; or there is ‘no such thing as tax dollars on the federal level’; or push their nonsensical conspiracy theory that the Fed (and the Congress that the Fed is instructed by) are ‘intentionally targeting unemployment’. Just like those ‘lying’ ‘evil’ ‘neo-liberal’ ‘murderers-by-proxy’ that all #FAKEMMTers like to point their fingers at, the #FAKEMMTers constantly take advantage of their financially-ignorant choirs…
The Big #FAKEMMTer Lie is that, with their ‘JG’, you will be happy, doing an assigned ‘job’, getting a ‘guaranteed’ income, and PRESTO, all of your problems would be solved; PLUS, not to worry, all will be well everywhere, because a ‘buffer stock of employed’ gets our economy to ‘full employment’. However, the reality would be, while #FAKEMMTers are putting ‘full employment’ lipstick on an unemployment pig feasting on garbage inflation, YOU, while inside THEIR Job Gulag, are becoming a sharecropper, toiling away on a modern gov’t job plantation, scraping gum off sidewalks, watching the world go by, even faster than ever before (meaning you become more dependent, faster than ever before, on the future empty promises of #FAKEMMTers)…
The chance that #FAKEMMTers will get you happily employed into a ‘guaranteed’ job is about the same chance that the gov’t (or any other organization) can ‘guarantee’ that you will get into heaven. There’s an old saying, ‘God helps those who help themselves’ and I’m not just talking about America’s unemployed (or underemployed) helping themselves. I’m also talking about America’s employers helping themselves as well, with an initiative grounded in economic need and designed to get economic results (not one grounded in politics, designed to get votes)…
The #FAKEMMT ‘Job Guarantee’ was Dead On Arrival because we don’t have a jobs shortage problem like we did in 2010. The JG is product marketing, not economics. Today, the economic facts, data and math clearly show that we instead have a job SKILLS shortage, or more specifically, a jobs SKILLS mismatch between the employer and the potential employee. The #FAKEMMTer JG was DOA because it didn’t sound like this:
In July 2018, President Trump signed an executive order to prioritize and expand workforce development so that we can create and fill American jobs with American workers (or in other words, a White House initiative for a federal JOBS TRAINING program, or more specifically, ‘Training for the Jobs of Tomorrow’ to tackle the challenges technology poses to the workforce).
“One of those causes of stagnant wages is stagnation of educational achievement (the leveling out of educational attainment). When US educational attainment was rising, technology was coming in, which needed more worker skills and people were getting them. So you had productivity rising, you had incomes rising and you had inequality declining. US educational attainment flattened out in the 1970s, while everywhere else in the world it has been going up. The only way for real incomes to go up over a longer period of time is through higher productivity. Higher productivity is in part a function of higher education, better skills and increased aptitude of the workforce.”—Chairman Jerome H. Powell, 07/17/18, Semiannual Monetary Policy Report to the Congress before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.
“Nearly 1 in 5 working Americans has a job that didn’t exist in 1980. Such rapid change is one reason 6.6 million U.S. jobs are currently unfilled. Many of these jobs require skills training, not a college degree. Yet for too long, both the public and the private sectors have failed to develop innovative and effective training programs.”— Ivanka Trump, 07/18/18, Advisor to the President, in a Wall Street Journal op-ed.
“To continue this economic miracle, we must invest in job training and vocational education. The task is to develop a strategy to equip workers at all stages of their career with the skills they need to thrive in the modern economy. Whether it is a high school student looking to land their first job or a late-career worker who wants to learn a new trade, we want every American having the chance to earn a living with a great job THAT THEY LOVE DOING. We have been asking businesses across the nation to sign our new pledge to America’s workers. Today 23 companies and associations are pledging to expand apprenticeships (I can’t get away from that word ‘apprentice’, it’s a great word) for on-the-job training and vocational education. They signed the pledge committing to train, re-train and upskill more than 3.8 million American students and current workers for new jobs and rewarding careers. This is only Day 1. In the days and months ahead, we hope that hundreds of businesses will join us in this effort. I want to thank all the companies who are about to sign the pledge. I applaud your civic leadership.”—President Trump, 07/19/18, before signing an Executive Order that establishes the National Council for the American Worker, which includes top administration officials and industry leaders tasked with developing a national strategy to address workforce development and to help expand the number of apprenticeships available to Americans today.
“We need this national commitment to embrace the rapidly, ever-changing job demands to ‘reskill’ and ‘upskill’ our workforce. I love the phrase ‘in-demand skills’, we call it ‘in-demand education’. Education where community colleges respond to what is being demanded by businesses. They teach not just any old skill, but in-demand skills. That’s what this inititative (pledges just signed by companies to provide educational opportunities and apprenticeships to almost 4 million American workers) is all about.” —U.S. Secretary of Labor Alexander Acosta, 07/19/18
In a major bipartisan win, the Carl D. Perkins Career and Technical Education Act aimed at bolstering skills training for technical jobs in various industries unanimously passed the House on July 25th afternoon after passing the Senate on July 23rd.
On 07/31/18 President Trump signed the Perkins Career and Technical Education Act into law at Tampa Bay Technical High School in Tampa, Florida. The Perkins CTE Act provides crucial funding toward training programs for American students and workers. Perkins CTE provides more than $1 billion each year to states for vocational and career-focused education programs. These programs, tailored toward secondary and post-secondary students, will help employers fill the high-skill jobs of tomorrow.
Don’t hold your breath waiting for any #FAKEMMTer to give this administration any credit for this job training and vocational education initiative (nor any of the other MMT-compliant results delivered so far).
P.S. “(With) the highest public deficit in 6 years, Wall Street is very excited about this, and rightly so. Mr. Trump is the straightforward implementer of MMT. The embarrassment of the MMT gods consists of the obvious PR disaster that Mr. Trump did not care to put on the social fig leaf which is of overall importance for the political credibility of MMTers. In the end, only success counts. While Wall Street can openly rejoice, the academic MMT gods click glasses with Mr. Trump behind closed doors, with Stephanie Kelton chiding Mr. Trump for unthinkingly busting the social cover of the MMT deficit-spenders/money-creators.”— Egmont Kakarot-Handtke, ‘Secret Champagne For The MMT Gods’, August 30, 2018
P.S.S. “There’s no ‘economic’ reason for raising taxes and that’s been our position all along. To say that you can’t do anything because everything has to be ‘payed for’ (that you’re going to have to raise taxes) and these guys, meanwhile, these guys are running the tables. They’re doing defense spending…No ‘pay for’s. They’re doing tax cuts…No ‘pay for’s. They’re going to come along with a tax cut 2.0…No ‘pay for’s. They’re going to give money for a wall…No ‘pay for’s. They’re already there. They already have this.“—Stephanie Kelton, The Second International Conference of MMT, September 28, 2018
P.S.S.S. “One of the funny things that happened here is that in a way I think the Republicans with their tax cuts (that didn’t have to be ‘paid for’) kind of advanced the (MMT) agenda here.”—Stephanie Kelton, Presidential Lecture Series Oct. 15, 2018
Thanx for reading,
“Rep. Steven Palazzo (R-MS) introduced the Border Bonds for America Act of 2018 that would direct the Treasury Department to issue government savings bonds that could be used to fund wall construction. The bill ‘allows American citizens the opportunity to purchase revenue bonds to help finance the construction of a southern border wall,’ the press release announcing the legislation said. ‘This bill is a safe investment into the infrastructure and security of our country,’ Palazzo said. He added that there is a precedent for Americans paying to ensure the nation’s security. During World War II, 85 million Americans purchased $185 billion in war bonds and financially supported our troops while they were defending our country. ‘I believe this legislation allows new alternatives for our citizens to support their values and defend our homeland’, Palazzo, Vice chairman of the Homeland Security Appropriations Subcommittee, also added.”
MMTers who can tune out the politics (the Wall, Trump, blah blah) of this proposal and just read between the lines, can find the pure MMT within.
The verbiage ‘war bonds financially supported our troops in WWII’ translates into MMT-speak as actually meaning ‘war bonds sold during WWII maintained US price stability against the inflationary bias of full employment—under the guise of *financing* the war’.
Fast forward to today, federal policymakers don’t have to worry about inflation (that the full employment and the rationing of goods could have caused during WWII without doing a hard-sell on Treasury bonds re-labeled as War Bonds in order to wisely drain dollars from circulation).
However, policymakers presently do need to start thinking about ‘new alternatives’ that encourages an unlocking of unproductive capital (an unlocking of savings dollars) in order to become productive capital (in order to re-enter the functional economy).
Rather than the same-old tired political prescriptions that always means ‘more deficits’ (which always trickle up to the 5%), it’s good to see even more federal policymakers acting like MMT Apprentices.
ATTN: Political ‘prescription’ MMT community (that wouldn’t know ‘descriptive’ MMT if they tripped over it)
Watch & learn from THE MMT (socialist) APPRENTICE taking people’s property and using redistributed money and unemployed people to build a wall and protect collectively-owned land—for the public purpose, the common good and the general welfare of all the people.