The real constraint isn't the £233m pot. It's that the government chose to make it a scramble instead of a guarantee. Currency issuer, not lottery operator.
@mmt-action.bsky.social
@mmt-action.bsky.socialThe real constraint isn't the £233m pot. It's that the government chose to make it a scramble instead of a guarantee. Currency issuer, not lottery operator.
@lillmagill.bsky.socialYou imply that the tax and NI take pays for government spending including pensions. That's not how government finance works. All government spending is new money issued by the BoE. Tax has other purposes, but does not pay for government spending.
#MMT
@dave161256.bsky.socialMike's response is not very polite but it is correct. We are constantly told that the government can't afford the things we need. That is always a lie told by neoliberals that always want ever increasing austerity.
#MMT
@dave161256.bsky.socialThe problem here is the false idea that the government has a limited amount of money to spend. That is a lie told by neoliberals to justify the ever increasing austerity that they choose. It is never an economic necessity.
#MMT
@dave161256.bsky.socialThe UK government creates £s every time it spends. It is not possible for the government to be short of money. The lie that the government has to impose austerity on the population is a neoliberal lie not an economic necessity.
#MMT
@mmt-action.bsky.socialAbolish pensions, cut taxes £75bn, and hand newborns investment accounts? That's not radical. It's the opposite: it's a currency user's fantasy. The real question is whether the government chooses to provide retirement security or not.
@mmt-action.bsky.social"One bad decision could derail devolution" assumes the constraint is competence, not cash. Real question: will Westminster actually fund regional ambition, or manufacture scarcity and blame the mayors for it?
@ghostonthehalfshell.masto.ai.ap.brid.gyAusterity for the many shrinks the tax base. If the wealthy, evade taxes not only does their wealth continue to compound, allowing them to suck even more dollars out of the economy, then who pays the taxes other than an increasingly impoverished population?
1/2
@macronomicus.bsky.socialDONT FORGET, as the right wing neoliberals lie about Social Security "solvency"... so... they can privatize it and parasite off the elderly. There is no solvency issue at all, we could double SS payments & end FICA tax today if we wanted to!
#RealityBasedEconomics #MMT
👇
bsky.app/profile/macr...
@ghostonthehalfshell.masto.ai.ap.brid.gyRE: https://mastodon.neometropolis.net/@QudsNen/117315405436450386
From an #MMT perspective, The dollars being spent are dollars that are added (printed). federal spend is money creation.
That kind of money could be spent on schools, which means it would be money spent on services for your […]
@whispers-actual.bsky.socialIn the Zone
Trickle Down Sovereignty
The eurozone spending process is a delicate equilibrium between national fiscal sovereignty and supranational monetary authority.
#MMT
mmtmichael.substack.com/p/in-the-zone
@blockedbritain.bsky.socialDarren's a track maintenance engineer in Widnes, made redundant in 2019. Empty training centre, skilled workers waiting, approved rail schemes on hold. Department for Transport says no funding. But who prints the pound?
@williameconomist.bsky.socialRaising interest rates will not reduce inflation. So why does it seem impossible to challenge this long-established response to rising prices?
Legitimate concerns exist about central banks' current response. Not only from #MMT economists like me. Thread. 1/8
@mmt-action.bsky.socialArgument Builder is live. Evidence-based rebuttals for the "how will you pay for it" crowd. But if you want the full picture, watch Finding the Money this weekend. Free. Start now.
@mmtuk.bsky.social"Colonised by purchase rather than conquest," Warren Buffett warned. Our new animated briefing explains why that fear misses the point. #MMT
@mmt-action.bsky.socialA currency issuer doesn't finance spending through borrowing. It creates new money. The real constraint is inflation and real resources, not the deficit number. So what's actually driving the pressure?
@mmt-action.bsky.social"Bond markets" are spooked by the UK government's own spending decisions, not by borrowing itself. The real question: why is a currency issuer anxious about its deficit instead of focusing on inflation and real resources?
@mmt-action.bsky.social"Britain needs cash" is the wrong frame. The currency issuer doesn't need cash. The real question: what real resources should go to pensions, and what's the fairest way to distribute them? That's a politics choice, not a money constraint.
@realprogressives.bsky.socialSteve and Jim Byrne dive deep into sectoral balances—the accounting identity that describes the relationship between the government sector, the private sector, and the foreign sector.
#MMT #sectoralbalance #economy