I will be voting NO on the Rules package with #PayGo. It is terrible economics. The austerians were wrong about the Great Recession and Great Depression. At some point, politicians need to learn from mistakes and read economic history. @paulkrugman @StephanieKelton @RBReichhttps://twitter.com/GunnelsWarren/status/1080318713331617792 …
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Ok I hear your theory but it doesn’t sound like a concrete truth. I’m not saying Paygo is wonderful, I’m saying it’s a red herring or a McGuffin in the so called “more progressive than thou” wing of the incoming DEM freshmen. Let me find that article again to double check.
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Honestly, it would prevent large parts of the progressive agenda. (The
#GreenNewDeal is nearest to my heart.) I don't think progressives want to exclude anyone or appear "holier than thou." We welcome everyone! -
Green new deal will not happen without DEMS being in charge of all 3 branches. I hope everyone gets that. We’re talking 2022.
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Amen to that! But we can at least get some messaging bills on the table, and perhaps get some action. Love you for asking all these questions! And sorry to flood your in-box.
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Thanks. But since Glenn Greenwald owns the Intercept I consider it a biased publication. Cheers for the effort though!
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Didn’t know that. The article was in a tweet from R. Reich. It gives an overview of the rule, some of its history. I didn’t look into the founding of the journal before reading article.
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If you want to know more about #1, you can read about Modern Monetary Theory,
#MMT .@StephanieKelton is a good person to follow for that. I think #2 is pretty common-sense, but ask if you want more explanation. -
Ok now I get it- you need 60 votes in the senate to waive something- that could be tricky- ok everybody I get it now!! Thank you!pic.twitter.com/L8Uz0FFIij
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Every, not just USA, government issues currency! But if you do too much, result is Zimbabwe or Venezuela.
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Since it issues the currency? Printing more money doesn't mean we have more money, or that the rest of the world thinks the dollar is worth anything. Keep writing those rubber checks though and see how well that goes.
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That's missing the point. Governments can effectively go de facto bankrupt. Eg, in practise, Zimbabwe and in Venezuela where their currencies became useless. Even short of that, countries do get problems from severe deficits and debt (as Japan in the 90s or Greece in 10s).
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PayGo helps avoid those (granted extreme) scenarios. More mundanely it reduces govt debt payments & thus interests rates (which helps middle-income family budgets - mortgage and car loans). Plus it helps build coalitions to pass liberal legislation eg ACA:https://www.cbpp.org/federal-budget/commentary-house-paygo-rule-could-help-advance-progressive-goals …
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The government does not issue the currency.
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If the govt can’t go bankrupt because it issues currency, then what happened in Venezuela or Zimbabwe or any other failed socialist nation that just decides it can spend spend spend and print print print
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#PayGo remains the law of the land regardless of a house rule by virtue of a 2010 law. Having it as a rule puts power with Dems as opposed to OMB. So, the progressives want Trump's OMB to enforce PayGo as opposed to their own caucus? Smdh at the sheer stupidity. -
Bullshit With
#paygo as a rule, each individual bill must offset costs. This has and will be used to block Dems from even voting on anything with having The federal law (which should also be repealed) only applies in aggregate, so you can offset costs AFTER passing good policies -
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