Steven Grumbine, who supported Bernie Sanders and Jill Stein in 2016, as any smart and well-informed person would do, has since been working hard to get better at explaining so-called MMT (“Modern Monetary Theory”) which, as a school in economics, is a way to understand market forces in combination with government spending.
(For some people MMT is a cult, but then that happens with all groups of people who identify with a label since labels can be defined any which way and often end up being turned on their heads. So, in an article like this here, let’s ignore labels and see if we can learn something.)
Steve G. is gradually getting better at explaining his economic message, which may be of significant help in the struggle for a better world, since the academic MMTers tend to communicate in far too esoteric ways that are way too hard to understand for people without a degree in economics, and because the valuable main message derived from this new school of economics is that the lame old excuse that we can’t have good things, because the government allegedly lacks the money to pay for them, is a complete farce. (something that should be obvious to everybody who notices that this excuse is never made when it comes to huge military expenditures or tax breaks for the rich — wouldn’t lack of money apply to everything?)
Now, I know, that there exist self-identified MMTers who draw upon themselves hostility from some political activism groups for possibly distracting from certain monetary issues such as criminal acts by banksters or the need for fundamental economic change. I know that confusing economic topics can create hot debates with each side screaming, including self-identified MMTers. I am also myself sad that many self-identified MMTers oppose a Citizen Dividend (a.k.a. universal basic income), following a philosophy that we can have either this or a Federal Job Guarantee, not both (whereas I prefer having both so they can pick up each other’s slack)… but let’s put all this aside. After all, labels are labels, and there are even neoliberals out there who pose as progressives, which is to say, their exact opposites. So, never trust mere labels. Let’s take a look at the presented content instead. The presented content is useful because it is important to debunk the false, but widely believed, message that our money-issuing federal government somehow lacks the money to do the right things. The realization that this we-have-no-money excuse is total nonsense needs to sink in with the public, lest we continue to be easily manipulated by fiscally lying politicians.
In the below video, Steve G. does one of the best efforts, or even the best effort I have come across, explaining the money-is-not-the-problem type of MMT analysis in simple, understandable terms — and quite a bit more, as well. Kudos! Here he goes:
(Note: if the video linked above gets deleted, you may search the Internet for the title: “Steven Grumbine/The Real Progressive #146 “)
Conclusion: MMT (the one presented in this video; for all I know there may be very different versions out there named by the same label) naturally doesn’t have all the answers, but it does provide useful insights into national economies, especially where government spending is concerned. In contrast, many economic claims that we have been spoon-fed by the establishment (like the trickle-down claim) are completely bogus. People like Steven Grumbine can debunk those, and we need them debunked.
Ending Note: It takes me at least 100 hours a month to research and write news updates and analyses and work on my book. Please widely share links to these articles, so this work is not for naught. You can also help in other ways (including much needed financial support). Only together can we change this messed-up world. Let’s do it! 🙂