The MMT Jobs Guarantee con job Wednesday, May 2 2018 

Ben Bernanke: “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.”

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We have written often about MMT’s “jobs guarantee” — the guarantee that the federal government either will give or find a job for everyone in America who wants a job.

The difference between “give” and “find,” is the difference between working for the federal government and working for private industry or local governments. In the former, the government is the employer of last resort. In the latter, the government is the employment agency of last resort.

There are two beliefs underlying the jobs-guarantee:

  • Jobs are hard to find, which is why people are unemployed
  • Working for money is morally superior to being given money

Both beliefs are wrong. The facts are:

Image result for wpa

Is this the guaranteed job you have been looking for?

  • Jobs are not hard to find. There a many millions of jobs available. Look in any newspaper and you will see hundreds of jobs. Go online and you will see many thousands of jobs.
    The problem is, they are the wrong jobs. Either they are in the wrong location, require the wrong skills, or simply are not something you want to do.
  • Working for money neither is moral nor immoral. It simply is working to obtain money.
    Someone who wins the lottery, or is born to wealthy parents, or who receives a multi-million dollar income because his stock options rose, is no more or less moral than a ditch digger.
    The rich simply want the non-rich to believe there is something morally wrong about the non-rich doing what the rich do, namely receive money from the government or other sources for doing little-to-nothing.

Sadly, the not-rich have been brainwashed into adopting the notion that when poor people receive money for which they haven’t worked, they are considered “sloths who are gaming the system,” or termed “food stamp mamas.”

Image result for i'd rather work than be rich

These guys do what you would call “work,” perhaps an hour a week. Money comes to them while they sleep. Are they moral or immoral for taking it?

But when the rich receive money, wealth, and power for essentially “being there,” that is their manifest destiny and moral right.

This is the moral nonsense that has been adopted by MMT with their “jobs guarantee.”

You don’t work for the love of work, nor do you work because it is morally right. You work to obtain money, so you can buy and do the things you really want to do.

Sure, you may like your job. But you do not prefer working to being on vacation, taking a free trip around the world and living in luxury.

Be honest. You look forward to weekends rather than to Mondays (unless you are paid on Mondays).

That said, the jobs guarantee is an idea only a politician or a university economist could love. It is completely, unworkable in the real world:

1. Exactly who in the government will find jobs for everyone — in NY city, in the empty reaches of North Dakota, in an island off the East Coast — jobs for each person who wants one?

I challenge anyone to describe the bureaucracy and the bureaucrats who can handle that assignment in every village and hamlet in America.

Or will millions of people be required to move away, to some other location from the one in which they wish to live?

2. Who exactly will:
–Find or create available jobs everywhere
–Interview everywhere
–Hire everywhere
–Supervise everywhere
–Promote, demote, and switch jobs everywhere
–Fire if need be, the millions of people who should be fired for the government’s firing criteria?

Geographically, where will all of the above be done?

3. Who exactly will find jobs for the people who are fired for each of the different causes? What are the criteria for being fired and how will those criteria be enforced?

4. What will workers of all levels be paid? Minimum wage (to lower America’s average wage) or above minimum wage (to compete with the private sector)? Will everyone be paid the same, or will workers be paid differently for different work?

5. What about healthcare, maternity leave, vacation days, IRAs and myriad other benefits? Where will those benefits come from?

6. And most important, will these be real jobs or “bullsh*t” make-work jobs (http://bit.ly/2JMFXjU)

If people are hired only because they need jobs, rather than because the job needs people, what prevents the jobs from being make-work?

Unfortunately, the public has not thought deeply about the jobs-guarantee plan. They just like the notion of a guaranteed job.

Already, a jobs-guarantee idea polls pretty well
Published: May 2, 2018
Sanders, other potential Democratic White House hopefuls back idea
By Robert Schroeder, Fiscal Policy Reporter. Reuters

Does the prospect of a government-guaranteed job appeal to you? You’ve got company: nearly half of U.S. voters like the idea, according to a recent poll.

The proposal has been getting some traction on the left lately, after being floated by think tanks and embraced by likely Democratic presidential candidates including Sens. Cory Booker, Kirsten Gillibrand and Bernie Sanders.

In a new Rasmussen Reports poll, 46% said they favored such a program. Sanders, according to the Washington Post, backs a version that would see local and state governments offer proposals for public works projects.

Workers would be hired for at least $15 an hour with paid family and medical leave.

Whoops! Now the plan has morphed onto “local and state governments” most of which are broke or overtaxing their residents.

And what is this about “public works projects”? Will these be ditch-digging jobs for former executives, women, the infirm and others who have no background or desire in this area.

Or are we in the “beggars can’t be choosers” area, where if you want money, you must labor, because for the poor, labor is moral?

There are numerous practical questions about a jobs-guarantee plan, including its cost. In one proposal, the Center on Budget and Policy Priorities estimated an annual cost of $543 billion for the creation of 9.7 million full-time jobs.

The above paragraph is nonsense for two reasons:

  1. Cost is irrelevant to a Monetarily Sovereign government that can create unlimited amounts of its own sovereign currency.
  2. No one on earth can come up with a $543 billion number for creating 9.7 million full-time jobs.  Those are numbers completely snatched out of the air.

So, the Center on Budget and Policy Priorities (who?) said it would cost $55,979.38 to create and implement and supervise each of various unknown jobs in unknown locations for an unknown length of time? That is beyond ridiculous.

A plan like Sanders’ is dead on arrival as long as Republicans control Congress.

It should be dead on arrival no matter which party is in control. It is ill-considered, uncontrollable nonsense.

It would be far simpler and far more beneficial to more people to institute the Ten Steps to Prosperity (http://bit.ly/2JLsg4E)

Let us begin with Step #1, straightaway.

Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

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The most important problems in economics involve the excessive income/wealth/power Gaps between the have-mores and the have-lesses.

Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.

Implementation of The Ten Steps To Prosperity can narrow the Gaps:

Ten Steps To Prosperity:
1. ELIMINATE FICA (Ten Reasons to Eliminate FICA )
Although the article lists 10 reasons to eliminate FICA, there are two fundamental reasons:
*FICA is the most regressive tax in American history, widening the Gap by punishing the low and middle-income groups, while leaving the rich untouched, and
*The federal government, being Monetarily Sovereign, neither needs nor uses FICA to support Social Security and Medicare.
2. FEDERALLY FUNDED MEDICARE — PARTS A, B & D, PLUS LONG TERM CARE — FOR EVERYONE (H.R. 676, Medicare for All )
This article addresses the questions:
*Does the economy benefit when the rich can afford better health care than can the rest of Americans?
*Aside from improved health care, what are the other economic effects of “Medicare for everyone?”
*How much would it cost taxpayers?
*Who opposes it?”
3. PROVIDE A MONTHLY ECONOMIC BONUS TO EVERY MAN, WOMAN AND CHILD IN AMERICA (similar to Social Security for All) (The JG (Jobs Guarantee) vs the GI (Guaranteed Income) vs the EB (Economic Bonus)) Or institute a reverse income tax.
This article is the fifth in a series about direct financial assistance to Americans:

Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. Sunday, Jan 1 2012
MMT’s Job Guarantee (JG) — “Another crazy, rightwing, Austrian nutjob?” Thursday, Jan 12 2012
Why Modern Monetary Theory’s Jobs Guarantee is like the EU’s euro: A beloved solution to the wrong problem. Tuesday, May 29 2012
“You can’t fire me. I’m on JG” Saturday, Jun 2 2012

Economic growth should include the “bottom” 99.9%, not just the .1%, the only question being, how best to accomplish that. Modern Monetary Theory (MMT) favors giving everyone a job. Monetary Sovereignty (MS) favors giving everyone money. The five articles describe the pros and cons of each approach.
4. FREE EDUCATION (INCLUDING POST-GRAD) FOR EVERYONE Five reasons why we should eliminate school loans
Monetarily non-sovereign State and local governments, despite their limited finances, support grades K-12. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers.
Because state and local funding is so limited, grades K-12 receive short shrift, especially those schools whose populations come from the lowest economic groups. And college is too costly for most families.
An educated populace benefits a nation, and benefitting the nation is the purpose of the federal government, which has the unlimited ability to pay for K-16 and beyond.
5. SALARY FOR ATTENDING SCHOOL
Even were schooling to be completely free, many young people cannot attend, because they and their families cannot afford to support non-workers. In a foundering boat, everyone needs to bail, and no one can take time off for study.
If a young person’s “job” is to learn and be productive, he/she should be paid to do that job, especially since that job is one of America’s most important.
6. ELIMINATE FEDERAL TAXES ON BUSINESS
Businesses are dollar-transferring machines. They transfer dollars from customers to employees, suppliers, shareholders and the federal government (the later having no use for those dollars). Any tax on businesses reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all business taxes reduce your personal income.
7. INCREASE THE STANDARD INCOME TAX DEDUCTION, ANNUALLY. (Refer to this.) Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches.
Cutting FICA and business taxes would be a good early step, as both dramatically affect the 99%. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap.
8. TAX THE VERY RICH (THE “.1%) MORE, WITH HIGHER PROGRESSIVE TAX RATES ON ALL FORMS OF INCOME. (TROPHIC CASCADE)
There was a time when I argued against increasing anyone’s federal taxes. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the 99.9%.
But I have come to realize that narrowing the Gap requires trimming the top. It simply would not be possible to provide the 99.9% with enough benefits to narrow the Gap in any meaningful way. Bill Gates reportedly owns $70 billion. To get to that level, he must have been earning $10 billion a year. Pick any acceptable Gap (1000 to 1?), and the lowest paid American would have to receive $10 million a year. Unreasonable.
9. FEDERAL OWNERSHIP OF ALL BANKS (Click The end of private banking and How should America decide “who-gets-money”?)
Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Although the federal government also is powerful and corrupted, it does not suffer from a profit motive, the world’s most corrupting influence.
10. INCREASE FEDERAL SPENDING ON THE MYRIAD INITIATIVES THAT BENEFIT AMERICA’S 99.9% (Federal agencies)Browse the agencies. See how many agencies benefit the lower- and middle-income/wealth/ power groups, by adding dollars to the economy and/or by actions more beneficial to the 99.9% than to the .1%.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it.

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.

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MONETARY SOVEREIGNTY

 

More proof the MMT’s “Jobs Guarantee” can’t work Saturday, Jan 14 2017 

 

 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

It takes only two things to keep people in chains: The ignorance of the oppressed and the treachery of their leaders.

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Modern Monetary Theory (MMT) understands that federal taxes do not fund federal spending. In that sense, MMT and Monetary Sovereignty (MS) are in perfect agreement.

However, we diverge in several areas, among which is MMT’s “Jobs Guarantee.” Stated in its simplest form, JG is: “The government will guarantee a job to anyone who wants a job.”

We have written about the naive impossibility of JG often, and will not repeat the various reasons here.  (If you are interested, see the links in Step #3 of the Ten Steps to Prosperity below.)

Instead, I merely will direct you to an article that succinctly addresses one of the issues:

Employers Say They Can’t Find Good Workers, but the Fix Is Simple

The economy is still shaky, (and) many parts of the country are suffering from the results of globalization. Employers have sent jobs to other parts of the world or axed them completely, in some cases.

Yet, there are still millions and millions of job openings out there. And incredibly enough, there are many employers who are complaining that they can’t find anyone to come work for them — or at least anyone who is qualified.

A July report from the Dallas Federal Reserve contained a couple of quotes from employers explaining their plight. “Entry-level candidates cannot read or follow instructions. Most cannot do simple math problems. What is wrong with the educational system? The ability to find qualified employees is our largest problem at this time.” 

This is at odds with what we’ve been hearing for many years now — that there simply aren’t enough jobs out there, and that has caused the labor participation rate to fall, and for many American communities to suffer. But evidently, that’s not quite the case.

People want jobs. There are millions of jobs available. Yet, people don’t want the jobs that are available. Why? Because many of those jobs aren’t “good” jobs.

  1. They may not pay enough
  2. Or offer full-time hours.
  3. Or require special hours
  4. Or require special skills
  5. Or require college degrees
  6. Or the jobs are seasonal
  7. Or there is no possibility of advancement
  8. Or are in an inconvenient location
  9. Or have unpleasant working conditions
  10. Or require too much physical labor
  11. Or the job availabilities are not known
  12. Or all the other reasons why a person might not want a job, or an employer might not want an employee.

If you go back to read the links indicated in Step #3, you’ll find that the JG proposes paying minimum wage. (It does that to keep the government from competing with private industry, which would be contrary to the fundamental purpose of the JG.)

So, how will JG’s minimum wage solve the problem?  Obviously, it won’t.

What’s an employer to do, given the circumstances?

The answer is incredibly simple, but evidently, many of the nation’s employers just don’t want to face the music: They need to pay more. Low pay is the number one reason people quit their jobs, and when people quit, companies need to spend more to recruit, train, and retain new employees.

For the time being, the economic environment is sending the signal that wages need to go up. Employers who refuse to budge are going to continue to be flooded with applications from workers they don’t want for jobs they can’t fill.

News flash: Employers will not offer higher salaries unless that is their only alternative. Instead, they will send jobs overseas, use automation, or simply not produce job-heavy products.

The solution is not an impossible  “Jobs Guarantee” from the government.  The solution is something indicated at the beginning of this article. Remember this line?

“Entry-level candidates cannot read or follow instructions. Most cannot do simple math problems. What is wrong with the educational system? The ability to find qualified employees is our largest problem at this time.” 

Education and training is the solution, and the solution for that can be found at Steps #4 and #5 of the Ten Steps, below.

Rodger Malcolm Mitchell
Monetary Sovereignty

………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

The single most important problems in economics involve the excessive income/wealth/power Gaps between the have-mores and the have-less.

Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.

Implementation of The Ten Steps To Prosperity can narrow the Gaps:

Ten Steps To Prosperity:
1. ELIMINATE FICA (Ten Reasons to Eliminate FICA )
Although the article lists 10 reasons to eliminate FICA, there are two fundamental reasons:
*FICA is the most regressive tax in American history, widening the Gap by punishing the low and middle-income groups, while leaving the rich untouched, and
*The federal government, being Monetarily Sovereign, neither needs nor uses FICA to support Social Security and Medicare.
2. FEDERALLY FUNDED MEDICARE — PARTS A, B & D, PLUS LONG TERM CARE — FOR EVERYONE (H.R. 676, Medicare for All )
This article addresses the questions:
*Does the economy benefit when the rich can afford better health care than can the rest of Americans?
*Aside from improved health care, what are the other economic effects of “Medicare for everyone?”
*How much would it cost taxpayers?
*Who opposes it?”
3. PROVIDE AN ANNUAL ECONOMIC BONUS TO EVERY MAN, WOMAN AND CHILD IN AMERICA, AND/OR EVERY STATE, A PER CAPITA ECONOMIC BONUS (The JG (Jobs Guarantee) vs the GI (Guaranteed Income) vs the EB) Or institute a reverse income tax.
This article is the fifth in a series about direct financial assistance to Americans:

Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. Sunday, Jan 1 2012
MMT’s Job Guarantee (JG) — “Another crazy, rightwing, Austrian nutjob?” Thursday, Jan 12 2012
Why Modern Monetary Theory’s Jobs Guarantee is like the EU’s euro: A beloved solution to the wrong problem. Tuesday, May 29 2012
“You can’t fire me. I’m on JG” Saturday, Jun 2 2012

Economic growth should include the “bottom” 99.9%, not just the .1%, the only question being, how best to accomplish that. Modern Monetary Theory (MMT) favors giving everyone a job. Monetary Sovereignty (MS) favors giving everyone money. The five articles describe the pros and cons of each approach.
4. FREE EDUCATION (INCLUDING POST-GRAD) FOR EVERYONEFive reasons why we should eliminate school loans
Monetarily non-sovereign State and local governments, despite their limited finances, support grades K-12. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers.
Because state and local funding is so limited, grades K-12 receive short shrift, especially those schools whose populations come from the lowest economic groups. And college is too costly for most families.
An educated populace benefits a nation, and benefitting the nation is the purpose of the federal government, which has the unlimited ability to pay for K-16 and beyond.
5. SALARY FOR ATTENDING SCHOOL
Even were schooling to be completely free, many young people cannot attend, because they and their families cannot afford to support non-workers. In a foundering boat, everyone needs to bail, and no one can take time off for study.
If a young person’s “job” is to learn and be productive, he/she should be paid to do that job, especially since that job is one of America’s most important.
6. ELIMINATE CORPORATE TAXES
Corporations themselves exist only as legalities. They don’t pay taxes or pay for anything else. They are dollar-transferring machines. They transfer dollars from customers to employees, suppliers, shareholders and the government (the later having no use for those dollars).
Any tax on corporations reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all corporate taxes come around and reappear as deductions from your personal income.
7. INCREASE THE STANDARD INCOME TAX DEDUCTION, ANNUALLY. (Refer to this.) Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches.
Cutting FICA and corporate taxes would be a good early step, as both dramatically affect the 99%. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap.
8. TAX THE VERY RICH (THE “.1%) MORE, WITH HIGHER PROGRESSIVE TAX RATES ON ALL FORMS OF INCOME. (TROPHIC CASCADE)
There was a time when I argued against increasing anyone’s federal taxes. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the 99.9%.
But I have come to realize that narrowing the Gap requires trimming the top. It simply would not be possible to provide the 99.9% with enough benefits to narrow the Gap in any meaningful way. Bill Gates reportedly owns $70 billion. To get to that level, he must have been earning $10 billion a year. Pick any acceptable Gap (1000 to 1?), and the lowest paid American would have to receive $10 million a year. Unreasonable.
9. FEDERAL OWNERSHIP OF ALL BANKS (Click The end of private banking and How should America decide “who-gets-money”?)
Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Although the federal government also is powerful and corrupted, it does not suffer from a profit motive, the world’s most corrupting influence.
10. INCREASE FEDERAL SPENDING ON THE MYRIAD INITIATIVES THAT BENEFIT AMERICA’S 99.9% (Federal agencies)Browse the agencies. See how many agencies benefit the lower- and middle-income/wealth/ power groups, by adding dollars to the economy and/or by actions more beneficial to the 99.9% than to the .1%.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it.

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.

MONETARY SOVEREIGNTY

More proof that MMT’s JG is a bad idea Wednesday, Nov 9 2016 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

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MMT (Modern Monetary Theory) is a close cousin to this blog, MS (Monetary Sovereignty). Both schools recognize the Big Lie, which actually is a composite of several lies, among which are:

  1. Federal taxes fund federal spending. (They don’t.)
  2. You and your children owe the federal debt. (You don’t.)
  3. Federal finances are like state & local government, business, and personal financing. (They aren’t.)
  4. The federal debt and deficit are too high, “unsustainable,” and should be reduced. (The defict should be increased. The debt is immaterial.)
  5. The federal government cannot afford to pay for Social Security, Medicare, Medicaid and other social programs. (It can, easily.)
  6. There can be “debt-free” money. (All money is debt. There never can be “debt-free” money.)

While MMT and MS agree on the fundamentals of economics, they disagree on the actions to be taken.

MS proposes implementation of the Ten Steps to Prosperity (below) to:

  • grow the economy and to
  • narrow the Gap between the rich and the rest.

MMT proposes a JG (Jobs Guarantee) to:

  • create full employment and
  • price stability.

Wikipedia: “The JG is based on the buffer stock principle whereby the public sector offers a fixed wage job to anyone willing and able to work.  

Buffer stock principle: Commodities are bought when there is a surplus in the economy, stored, and are then sold from these stores when there are economic shortages in the economy.

This says, when you are part of JG, you are not an employee. You are not even a person. You are buffer stock.  Being stock, your likes and dislikes don’t matter. What you want to do doesn’t matter.  This is the “beggars can’t be choosers” solution to joblessness.

Previously, we have published reasons why we believe the Jobs Guarantee is naive, unworkable, and not just useless, but harmful:

JG is a non-solution to the wrong problems. It assumes there is a shortage of jobs that the federal government can provide.

MS claims there is no shortage of jobs, but there may be a shortage of the right jobs, and more importantly, for many people there is a shortage of money.

Today, we received the following Email from the website, LinkedIn:

LinkedIn: Explore job openings in Greater Chicago Area
More than 136,000 new jobs are available now.

Top jobs for people like you:
1 President
2 Chief Executive Officer
3 Vice President
4 Director
5 Specialist

Get jobs tailored to you! Update your industry. This is an occasional email to help you get the most out of LinkedIn.

© 2016 LinkedIn Corporation, 2029 Stierlin Court, Mountain View CA 94043. LinkedIn and the LinkedIn logo are registered trademarks of LinkedIn.

That is 136,000 executive-type jobs available in Chicago. Additionally, just one website, Employment Crossing, listed the following non-executive jobs available in Chicago and its closest suburbs:

Chicago, IL (21,887)
Downers Grove, IL (748)
Evanston, IL (706)
Oak Brook, IL (672)
Chicago Heights, IL (607)
Deerfield, IL (600)
Bolingbrook, IL (592)
Des Plaines, IL (530)
Arlington Heights, IL (501)
Glen Ellyn, IL (467)

There are thousands upon thousands of jobs available, but visualize that you are looking for a job, and can’t find one.   Why?

There are only two reasons:

  1. You don’t want the jobs that are available to you, or:
  2. The jobs you want don’t want you.

Which of these problems is a government Jobs Guarantee program likely to solve for you?

Is the federal government going to do better than the websites, local newspapers, and employment agencies at finding the kinds of jobs you want??

Consider jobs the federal government will guarantee. They will be minimum wage jobs, and they will be federal jobs.

If you currently are looking for a job, are you really unable to find a minimum wage job?  Is that the job you want? Does offering you a minimum wage, federal job solve your money problems?

If the government provides minimum wage, government jobs to all the people who want, but can’t find, minimum wage jobs, how many people will this program actually help? Precious few.

The Jobs Guarantee is a program only an economist could love — an economist who thinks of the economy, not as composed of human beings, but as numbers on a balance sheet — as buffer stock.

To MMT economists you non-rich are born lazy. You are “takers” who must be prodded to toil as “buffer stock” rather than to receive what you really need: (money, education, healthcare, good food, good housing, a working infrastructure, etc.)

“Free stuff” is only for the rich.

Rodger Malcolm Mitchell
Monetary Sovereignty

…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

The single most important problems in economics involve the excessive income/wealth/power Gaps between the rich and the rest.

Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.

Implementation of The Ten Steps To Prosperity can narrow the Gaps:

Ten Steps To Prosperity:
1. ELIMINATE FICA (Ten Reasons to Eliminate FICA )
Although the article lists 10 reasons to eliminate FICA, there are two fundamental reasons:
*FICA is the most regressive tax in American history, widening the Gap by punishing the low and middle-income groups, while leaving the rich untouched, and
*The federal government, being Monetarily Sovereign, neither needs nor uses FICA to support Social Security and Medicare.
2. FEDERALLY FUNDED MEDICARE — PARTS A, B & D, PLUS LONG TERM CARE — FOR EVERYONE (H.R. 676, Medicare for All )
This article addresses the questions:
*Does the economy benefit when the rich can afford better health care than can the rest of Americans?
*Aside from improved health care, what are the other economic effects of “Medicare for everyone?”
*How much would it cost taxpayers?
*Who opposes it?”
3. PROVIDE AN ANNUAL ECONOMIC BONUS TO EVERY MAN, WOMAN AND CHILD IN AMERICA, AND/OR EVERY STATE, A PER CAPITA ECONOMIC BONUS (The JG (Jobs Guarantee) vs the GI (Guaranteed Income) vs the EB) Or institute a reverse income tax.
This article is the fifth in a series about direct financial assistance to Americans:

Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. Sunday, Jan 1 2012
MMT’s Job Guarantee (JG) — “Another crazy, rightwing, Austrian nutjob?” Thursday, Jan 12 2012
Why Modern Monetary Theory’s Jobs Guarantee is like the EU’s euro: A beloved solution to the wrong problem. Tuesday, May 29 2012
“You can’t fire me. I’m on JG” Saturday, Jun 2 2012

Economic growth should include the “bottom” 99.9%, not just the .1%, the only question being, how best to accomplish that. Modern Monetary Theory (MMT) favors giving everyone a job. Monetary Sovereignty (MS) favors giving everyone money. The five articles describe the pros and cons of each approach.
4. FREE EDUCATION (INCLUDING POST-GRAD) FOR EVERYONEFive reasons why we should eliminate school loans
Monetarily non-sovereign State and local governments, despite their limited finances, support grades K-12. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers.
Because state and local funding is so limited, grades K-12 receive short shrift, especially those schools whose populations come from the lowest economic groups. And college is too costly for most families.
An educated populace benefits a nation, and benefiting the nation is the purpose of the federal government, which has the unlimited ability to pay for K-16 and beyond.
5. SALARY FOR ATTENDING SCHOOL
Even were schooling to be completely free, many young people cannot attend, because they and their families cannot afford to support non-workers. In a foundering boat, everyone needs to bail, and no one can take time off for study.
If a young person’s “job” is to learn and be productive, he/she should be paid to do that job, especially since that job is one of America’s most important.
6. ELIMINATE CORPORATE TAXES
Corporations themselves exist only as legalities. They don’t pay taxes or pay for anything else. They are dollar-transferring machines. They transfer dollars from customers to employees, suppliers, shareholders and the government (the later having no use for those dollars).
Any tax on corporations reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all corporate taxes come around and reappear as deductions from your personal income.
7. INCREASE THE STANDARD INCOME TAX DEDUCTION, ANNUALLY. (Refer to this.) Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches.
Cutting FICA and corporate taxes would be a good early step, as both dramatically affect the 99%. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap.
8. TAX THE VERY RICH (THE “.1%) MORE, WITH HIGHER PROGRESSIVE TAX RATES ON ALL FORMS OF INCOME. (TROPHIC CASCADE)
There was a time when I argued against increasing anyone’s federal taxes. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the 99.9%.
But I have come to realize that narrowing the Gap requires trimming the top. It simply would not be possible to provide the 99.9% with enough benefits to narrow the Gap in any meaningful way. Bill Gates reportedly owns $70 billion. To get to that level, he must have been earning $10 billion a year. Pick any acceptable Gap (1000 to 1?), and the lowest paid American would have to receive $10 million a year. Unreasonable.
9. FEDERAL OWNERSHIP OF ALL BANKS (Click The end of private banking and How should America decide “who-gets-money”?)
Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Although the federal government also is powerful and corrupted, it does not suffer from a profit motive, the world’s most corrupting influence.
10. INCREASE FEDERAL SPENDING ON THE MYRIAD INITIATIVES THAT BENEFIT AMERICA’S 99.9% (Federal agencies)Browse the agencies. See how many agencies benefit the lower- and middle-income/wealth/ power groups, by adding dollars to the economy and/or by actions more beneficial to the 99.9% than to the .1%.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it.

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.

MONETARY SOVEREIGNTY

I don’t blame Trump Sunday, Nov 29 2015 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
•Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
•Any monetarily NON-sovereign government — be it city, county, state or nation — that runs an ongoing trade deficit, eventually will run out of money.
•The more federal budgets are cut and taxes increased, the weaker an economy becomes..

Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.

•The single most important problem in economics is the Gap between rich and poor.
•Austerity is the government’s method for widening
the Gap between rich and poor.
•Until the 99% understand the need for federal deficits, the upper 1% will rule.
•Everything in economics devolves to motive, and the motive is the Gap between the rich and the rest..

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I don’t blame Trump.

He is what he is: A bigot, a megalomaniac, a tyrant and the would-be fuehrer of the United States of America. (“Fuehrer” means “leader,” but in Trump’s case “fuehrer” is more appropriate.)

All Hail Der Donald!
By Roger Simon

Do not say you were not warned. Der Donald has warned you.

Security is going to rule in America. And unthinkable things will be done.  Don’t believe me? Ask him.

“We’re going to have to do things that we never did before. And some people are going to be upset about it, but I think that now everybody is feeling that security is going to rule. … So we’re going to have to do certain things that were frankly unthinkable a year ago.”

On Saturday, a black man began shouting at a Trump speech in Birmingham, Alabama. People shout at Trump speeches all the time. But there are things you are allowed to shout, such as “We love you, Donald!”

And there are certain things you are not allowed to shout, such as “Trump is a racist!”

The black man was kicked and punched. Trump looked down upon him with lofty disdain. “Get him the hell out of here!” Trump said. “Throw him out.” The man was led away.

Trump would protect us from such people as president.

But I don’t blame Trump.  He is what he is:   A bigot, a megalomaniac, a tyrant and the would-be fuehrer of the United States of America.

I blame the people who support him.  I blame the good Republicans who are too cowardly to call him out.  I blame the “religious” (irony) right wing.

The price we would pay would be tiny. We would give up a civil liberty here, a freedom there.

Certain people would be registered. Their houses of worship would be spied upon. Names would be taken down.

But as long as these people are not Christians, do you really care? Trump is betting you do not.

We didn’t care when blacks were turned into slaves then hung from trees. We didn’t care when Jews were thrown into ovens and mass graves.  We didn’t care when native-born Americans lost their homes, because  their grandparents came from Japan or when native Americans were sent to reservations.

We don’t care when unarmed black men are murdered by police.

And now we don’t care again.

“I want surveillance of these people,” Trump has said. “I want surveillance if we have to, and I don’t care. … I want surveillance of certain mosques, OK?”

Martin Niemoller, a Lutheran pastor who first supported and then opposed Adolf Hitler, was imprisoned in concentration camps,  but felt he never did enough to speak out against fascism, especially when Hitler still could have been stopped.

Today he might have written:

“First they came for the black people, and I did not speak out — because I was not black.

“Then they came for the Muslims, and I did not speak out — because I was not a Muslim.

“When they come for you and me, who will be left to speak out?”

“Too many people have suffered and too many people have died for us to continue to hear racist words coming from major political leaders,” Bernie Sanders says.

“Turning away orphans, applying a religious test, discriminating against Muslims, slamming the door on every Syrian refugee — that is just not who we are. We are better than that,” Hillary Clinton says.

And what of Trump’s opponents for the Republican nomination? Most grovel and fawn.

They really don’t care that Trump wants to register Muslims, just as long as he doesn’t want to register guns.

I don’t blame Trump.  He is what he is:   A bigot, a megalomaniac, a tyrant and the would-be fuehrer of the United States of America.

I blame the good people who are only too glad to see other people’s lives destroyed, so long as their own lives are safe — safe temporarily, until he comes for them.

All that is necessary for the triumph of evil is for good men to do nothing.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually Click here
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)

10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Vertical gray bars mark recessions. Recessions come after the blue line drops below zero and when deficit growth declines.

As the federal deficit growth lines drop, we approach recessions, each of which has been cured only when the growth lines rose.

Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

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