Fiscal cliff is a fiscal hoax
Why are we concerned about the “fiscal cliff”? It will be easier to get cooperation on fixing each part of the “problem” AFTER we go over – so it’s not really a cliff at all.
Modern Money Theory (see Primer by economist
Randall Wray) makes it clear that the “cliff” is a hoax to get us to cut social
spending and reduce public services that majorities want.
Our focus should be on jobs jobs jobs, which
we can afford! We have unemployed resources – workers as well as excess
industrial capacity – which is all we need to know.
IF deficits and debt were a problem – which they’re
not – our concern should be ameliorated by the fact that we can borrow
long-term (10 years) at 1% interest. Surely there is work to be done –
infrastructure to be repaired, children to be educated – that would pay us more
than 1%?
Let’s get to work, get our unemployed back to
work, start taking care of business, and stop hyperventilating about this
fiscal hoax.
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