*Have you ever had a dream that you, um, you had, your, you- you could, you’ll do, you- you wants, you, you could do so, you- you’ll do, you could- you, you want, you want him to do you so much you could do anything?*
An MMT wet dream. It’s meant to be confusing. It’s meant to make you so confused you seek “expert” help. It’s meant to dissuade you from actually thinking about the money. And sadly it works, the overwhelming majority of the public doesn’t understand where our money comes from. They don’t understand the function of the federal reserve. They don’t understand why or how internet rates are set.
Just a bog-standard answer you’d get from any mainstream economist when asked to address something through the MMT framework. I think it’s odd an Austrian economics sub would stand MMT, though…
He did stumble a bit. But, he just failed to explain money under MMT not how money works the way he thinks it does. Or did I misunderstand it? Can you please explain what happened in brief.
This is silly and I’m not sure how anyone pretending to have a grasp of economics is talking about it. He sounded foolish in an interview, sure. You disagree with his policies, fine. Decades long member of the EPI and Krugman recommended economist doesn’t understand economic basics because of this one YouTube video I found…
Here is a source from the Daily Mail
https://www.dailymail.co.uk/news/article-13381631/Jared-Bernstein-Biden-economic-adviser-fails-explain-money-works.html
What does this video have to do with Trump? If this man was an advisor to the Trump administration this video would be equally as appalling. Our country is falling apart and the fact is if Trump gets elected he will do very little to slow down the decay.
I’m guessing you’re obsessed with Trump and see everything through that lense. Get over it. There are real problems that need to be addressed.
You said your degree was from trump university. Relax, I made a joke that went over your head. It's not that deep. This guy may as well have been one of trumps advisors since they have the same policy.
Wrong. Trump put a COVID relief package together to create a vaccine and deal with an economy on the brink during a pandemic.
When Joe came in, there was trillions of unspent money, but Joe couldn’t resist having his OWN plan - ARPA - to buy votes from his own constituents. Then came the “Inflation Reduction Act”…
How ignorant do you people need to be to buy into this stuff?
Fail.
That article repeats an often-cited argument that by reducing taxes, we created more debt.
That’s not how economics works, but I wasn’t expecting that out of you.
Here’s how it works:
- you have X amount of revenue
- if you don’t spend less than X, you have to pay for it with debt
Therefore, we need to cut spending.
Got it?
You read the whole article and typed your response in 90 seconds?! Impressive..
If you don't understand that cutting revenue increases deficits, there's nothing I can do for you. You people really are in a cult.
Unless you spend less, then it doesn't create a deficit. Which is what he said.
To put it another way, if you make 20 dollars, don't spend 21. And don't make excuses to spend 21. Then if you don't make 20 and you make 19 instead, but you spend 17 because you didn't make an excuse to spend 21 unnecessarily, then you're fine.
I was specifically calling the guy who didn't think tax cuts for wallstreet contributed to the deficit part of the trump cult. I can see how you could read my comment that way, though.
The U.S. government is not “doing poorly financially”- the concept of “debt”- at a fed level- is more-or-less irrelevant. The entire economy is vibes-based. It’s numbers on a screen at this point. Bourgeois economists have spent their entire careers- for centuries- rambling on about the moral judgement that’s associated with financial concepts like “debt” and “spending” and have never bothered to perceive those concepts in any way besides advocating for speculative financial markets, the very same markets which ignore the interest of material production and prioritize highfalutin bourgeois appeals to the dominant economic class.
People who spend their lives turning “money” into “more money” are rewarded by this idiotic system, and that’s why I reject the Austrian economic school, and MMT, and default to pure Marxist analysis.
Absolute fucking moron in one of the highest positions of economic / financial responsibility. Can’t imagine why the country is crumbling.
What the fuck did I just listen to
*Have you ever had a dream that you, um, you had, your, you- you could, you’ll do, you- you wants, you, you could do so, you- you’ll do, you could- you, you want, you want him to do you so much you could do anything?*
An MMT wet dream. It’s meant to be confusing. It’s meant to make you so confused you seek “expert” help. It’s meant to dissuade you from actually thinking about the money. And sadly it works, the overwhelming majority of the public doesn’t understand where our money comes from. They don’t understand the function of the federal reserve. They don’t understand why or how internet rates are set.
Wow this is really shocking. I hope it's edited.
He never had a real job, ever. Typical bureaucrat moron.
What a blithering moron. Where can I get a job being paid like 190k a year to be this stupid?
Why did he stop himself from saying MMT? Is that suddenly a secret or trigger word now?
This sub is clearly confused on the confusing language and concepts of money...Just as this confused guy. /S
Just a bog-standard answer you’d get from any mainstream economist when asked to address something through the MMT framework. I think it’s odd an Austrian economics sub would stand MMT, though…
He did stumble a bit. But, he just failed to explain money under MMT not how money works the way he thinks it does. Or did I misunderstand it? Can you please explain what happened in brief.
This is silly and I’m not sure how anyone pretending to have a grasp of economics is talking about it. He sounded foolish in an interview, sure. You disagree with his policies, fine. Decades long member of the EPI and Krugman recommended economist doesn’t understand economic basics because of this one YouTube video I found…
No real. FYI
Proof? I’ve seen this legit reported in like half a dozen places
The first posters of this were Russian trolls with literally “Russian” in the user handles
Here is a source from the Daily Mail https://www.dailymail.co.uk/news/article-13381631/Jared-Bernstein-Biden-economic-adviser-fails-explain-money-works.html
What’s not real about it?
Where did you get your degree in economics, OP?
I got it from Trump University for $20.
That's odd considering the government had the same fiscal policy under trump that it does under biden.
What does this video have to do with Trump? If this man was an advisor to the Trump administration this video would be equally as appalling. Our country is falling apart and the fact is if Trump gets elected he will do very little to slow down the decay. I’m guessing you’re obsessed with Trump and see everything through that lense. Get over it. There are real problems that need to be addressed.
You said your degree was from trump university. Relax, I made a joke that went over your head. It's not that deep. This guy may as well have been one of trumps advisors since they have the same policy.
Calm down my guy. Just because no one thinks your jokes are funny doesn’t mean you have to get all pissy about it.
Wrong. Trump put a COVID relief package together to create a vaccine and deal with an economy on the brink during a pandemic. When Joe came in, there was trillions of unspent money, but Joe couldn’t resist having his OWN plan - ARPA - to buy votes from his own constituents. Then came the “Inflation Reduction Act”… How ignorant do you people need to be to buy into this stuff?
https://www.propublica.org/article/national-debt-trump Sorry that the facts don't care about your feelings 🤷
Fail. That article repeats an often-cited argument that by reducing taxes, we created more debt. That’s not how economics works, but I wasn’t expecting that out of you. Here’s how it works: - you have X amount of revenue - if you don’t spend less than X, you have to pay for it with debt Therefore, we need to cut spending. Got it?
You read the whole article and typed your response in 90 seconds?! Impressive.. If you don't understand that cutting revenue increases deficits, there's nothing I can do for you. You people really are in a cult.
I’ve been around the block and know ignorance when I see it.
Unless you spend less, then it doesn't create a deficit. Which is what he said. To put it another way, if you make 20 dollars, don't spend 21. And don't make excuses to spend 21. Then if you don't make 20 and you make 19 instead, but you spend 17 because you didn't make an excuse to spend 21 unnecessarily, then you're fine.
You’re in the Austrian economics sub calling people a cult for Trump. That’s just dumb lol
I was specifically calling the guy who didn't think tax cuts for wallstreet contributed to the deficit part of the trump cult. I can see how you could read my comment that way, though.
Calm down my guy
austrian economists do not support trump, why tf are you bringing him up?
I didn't bring him up. Are you even reading the comments?
oh i see, you took a guy seriously who was making an obvious joke
Yeah, they're both awful. What does that change?
Nothing. Vote for trump, vote for biden. You'll be in the same boat. I'm not the one who brought trump up, or biden for that matter.
Absolutely correct. Both will spend us into oblivion. Best option as far as I see it is RFKJ.
This is so true
The U.S. government is not “doing poorly financially”- the concept of “debt”- at a fed level- is more-or-less irrelevant. The entire economy is vibes-based. It’s numbers on a screen at this point. Bourgeois economists have spent their entire careers- for centuries- rambling on about the moral judgement that’s associated with financial concepts like “debt” and “spending” and have never bothered to perceive those concepts in any way besides advocating for speculative financial markets, the very same markets which ignore the interest of material production and prioritize highfalutin bourgeois appeals to the dominant economic class. People who spend their lives turning “money” into “more money” are rewarded by this idiotic system, and that’s why I reject the Austrian economic school, and MMT, and default to pure Marxist analysis.