Worth remembering: it wasn’t really 2T. A lot of that was loans coming back
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Automation to the rescue/killshot
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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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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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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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I’m not relying on the household metaphor... I’m talking direct money-time connection, which exists in every economic system. It may not be like household debt, but it is still a pre-commitment of time to generate growth etc.
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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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The top 1% in the US own $30T. So we impose on them a one-time social solidarity surcharge of 7% of their wealth and be done. It's not a hard problem -- if you WANT to solve it...
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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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