Real Progressives on LinkedIn: MMP Blog #5: Government Budget Deficits are Largely Nondiscretionary: the… (2024)

"You’d have to turn over your car, house, bank account, and children to the government to pay taxes!! That is the logical result of a government surplus carried to infinity—government would accumulate infinite claims on you. And yes you are correct that sovereign government does not—cannot—'save' its own currency!"

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"It is necessary to emphasize that everything in this blog (as well as Blog #2) applies to the macro accounting of any country. While examples used the dollar, all of the results apply no matter what currency is used. Our fundamental macro balance equation,Domestic Private Balance + Domestic Government Balance + Foreign Balance = 0"

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Is Biden's economy really the greatest ever? Join us Tues. 3/12 @ 8 pm ET/5 pm PT as we listen to and discuss our latest ep. Demystifying Sellers Inflation ft. Yeva Nersisyan. #LearnMMT #SellersInflation #AusterityRegister: https://lnkd.in/gKFtjWqb

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"The fiscal storm that killed state budgets is the same fiscal storm that created the federal budget deficits shown in the chart above. An economy cannot lose about 8% of GDP and over 8 million jobs w/out negatively impacting government budgets." #LearnMMT

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"We did demonstrate the simple sectoral balance conclusion: the financial deficit of one sector (me) equals the surplus of the other (you). And that once we net out the financials, we are left with the real stuff (fish and coconuts). No magic involved."

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A middle class lifestyle often requires going deep into debt. Full episode Demystifying Sellers' Inflation ft. Yeva Nersisyan will be released Sat. 3/9 @ 8 am ET! #StudentDebt #MiddleClass #Neoliberalism

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"It is a fundamental principle of accounting that for every financial asset there is an equal and offsetting financial liability. The checking deposit is a household’s financial asset, offset by the bank’s liability (or IOU). A government or corporate bond is a household asset, but represents a liability of the issuer (either the government or the corporation)."

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Les Milei with Daniel Conceicao. Join us for the YT premiere tonight at 7 pm ET!YT: https://lnkd.in/gmxBPVZk

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"I think you’d have to define modern money as a 'success'–we’ve increased lifespans, improved quality of life, sent men to the moon, created literature and art–all while operating with modern money. That said, most people do not understand how the actual real world monetary system 'works'”.

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