This is where the MMT con falls aparty - when you do the conversion with real life (time).
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I don’t get it, what do you mean? I don’t know anything about MMT tbf
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I'm not sure that the translation can be done. Nations really are not like households, and national debt is not like your credit card.
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There are about 100 million US households above the poverty line, so the math is easy for big numbers: Every $1 Billion = $10.00 to your household The $1T budget deficit last year = $10,000 your household spent above what it took in $2T bailout = $20,000/US household
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Such a temporal frame befits the author of Tempo ;). I like
@PMehrling's Money View take. He applies it to the present here: http://sites.bu.edu/perry/2020/03/26/a-money-view-of-the-pandemic/ … The pandemic so scrambled *continous* settlement/valuation/allocation that the highest backstop intervened like never before.pic.twitter.com/qkJJXKHe64
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Automation to the rescue/killshot
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Also the 2T number likely doesn’t include Fed lines of credit. Which are complicated: another 6T ish. But get paid back? But influence economy before getting paid back anyway...
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50% of a year’s taxes. 10% of a year’s work. So if we all work 1% harder for a decade we’re good. Except there are probably elasticities and compounding and interest and moral hazard and crowding out that make it a bit worse than that, maybe?
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Worth remembering: it wasn’t really 2T. A lot of that was loans coming back
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