Image for post
Image for post

It’s no secret that Modern Monetary Theory has become quite popular with many on the Left. At least part of its appeal can be attributed to how it seems to say that governments can simply print whatever money they want to spend. Indeed, to many, MMT boils down to “free money is available!

To be fair, MMT economists have long admitted that governments are in fact limited in the amount of MMT money they can spend. Stephanie Kelton acknowledged as much in this 2016 interview. …

Image for post
Image for post
Leader of America’s Crusade For Economic Justice

There’s much sadness among millions of Bernie Sanders supporters these days, a mood that settled in once it became clear that Bernie’s 2020 Campaign would not prevail against the concentrated efforts of The Billionaire Class to deny Bernie the nomination of the Democratic Party.

There are significant reasons why this effort failed, and they are of grave concern, but this essay is less postmortem than it is a focus on future possibilities, on something that could conceivably happen over the next several years, that could broaden the reach and the popularity of Bernie’s inspiring Crusade for Economic Justice.

So while I’ll not be reviewing all of the elements that contributed to the failure of Sanders’ 2020 Campaign, I will be zeroing in on one missed opportunity that no one involved in the campaign even knew was a ‘thing.’ I emphasize it for one simple reason: it could make all the difference in the world for the Economic Justice Movement in coming…

Image for post
Image for post

In this article I present what I believe is the most effective way to defend Democratic Socialism. Instead of trying to explain how things would be different if we socialized a particular industry, I argue it is much better to explain how things would be different if we privatized an industry that is currently socialist. We begin with the socialist fire fighting companies that can be found in every town in America…

Fire Fighting Services

Sure, we could privatize all of our Fire Departments in America; so what would that look like? Well, it would mean that if you wanted fire-fighting ‘protection’, you’d have to pay some privately-owned for-profit company that would offer those services for a monthly fee. And while you’re at it, you might also want to pay a separate EMT company for their services if the Fire Protection Company you chose does not also provide those services for an extra monthly charge. …

Image for post
Image for post
What will become of me?

In recent weeks, the Billionaire Class has been panicking over the possibility that Bernie Sanders might actually become President. Many of them are convinced that years of great suffering would be imposed on Rich People if Bernie were to end up winning it all in November.

But what kind of suffering are we actually talking about? Just how bad would it get for our nation’s richest citizens if, for example, every detail of Bernie’s economic agenda were enacted into law by Congress?

The answer: not bad at all. Indeed, as far as their privileged lifestyles at the top of the economic ladder are concerned, absolutely none of that would change. To understand why, we need only look back to the last time Congress decided to dramatically increase the income tax’s top marginal rate. …

Image for post
Image for post

If you listen to Trump tell the story, he committed an incredibly immoral and illegal act of war against another country and it supposedly paid off for both him and The American People in a big way, for the simple reason that Iran did not launch the kind of devastating counterattack to Trump’s act of evil that would have forced us into a full-blown war with them.

The spin that Trump is trying to put on this is the idea that being as tough and self-obsessed as any Bully who has ever lived will persuade all the countries of the world to bow down before our greatness and praise us for being so wonderful. …

Image for post
Image for post

Medicare For All will finally become the law of the land when/if we get to the point where people are commonly referring to their Health Insurance companies as The Mafia. Only then will politicians find the political courage to walk away from the bribe money that the health insurance Mafia throws at them every election cycle.

Are health insurance companies actually The Mafia? Who really knows? But even without absolute certainty, it is nevertheless true that in terms of the economic role they play in the economy, they are indeed fully equivalent to The Mafia. …

Image for post
Image for post

According to a survey published by the Gallup organization a few years ago, most rich people believe the Income Tax treats them unfairly.

Yes, those familiar feelings of victimization start to surface whenever they 1) look at the total number of dollars that the Income Tax takes from them, and then 2) imagine what that money would have bought for them in the marketplace at current prices.

Thinking of all those un-bought possessions is what usually convinces many rich people that they are forced to give up too much when the government taxes their incomes at very high rates.

Alas, it turns out that the very people you had always thought were the most knowledgeable experts in the world on the subtle workings of The Marketplace, really don’t understand markets at all. …

Image for post
Image for post
Which of these men has it right?

Andrew Yang’s candidacy for President has generated an amplified interest in the idea of a Universal Basic Income. Because Yang is running as a Democrat, his UBI proposal is being marketed to “Leftist-Progressives” as a compassionate, innovative policy proposal that would protect victims of unemployment at the same time it “makes everyone happier.”

I happen to be one of those Leftist-Progressives who — if I didn’t know as much about economics as I do — would probably feel attracted to Yang’s UBI proposal, since it appears on the surface to be a genuine effort to help The Poor & Working Class. …

About

James Jos. Kroeger

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store