Top Tweets for #DeficitMyth
how silly.
“credit rating” a sovereign currency issuers with public debt in their own currency.
what’s the point?
#deficitmyth
Australia is only ONE OF NINE countries in the world to have a Triple AAA Credit rating from ALL THREE rating agencies.
In these struggling times for the whole world, we should be proud of this and encourage rather than continually criticise.
ahh, yes! reality!
#deficitmyth
Hedge funds clearly understand the operational realities of the US monetary system well enough to trade #Treasurymarkets.
Yet somehow, the self-proclaimed “experts” in the media and on social media still pretend the US government is a household that must first “find the money” before it can spend.
Maybe the problem isn’t the Treasury market. Maybe it’s the economics textbooks.
The US government is the issuer of the currency. Stop confusing government spending with household financing and start understanding the actual operational mechanics of the monetary system. #BondYields
if you replace the term (govt) “debt”
with the term “private sector assets”
which is the other side of the accounting equation
it doesn’t sound so bad, does it now?
#deficitmyth
U.S. debt surpassed 100% of GDP this year and is on track to reach 188% over the next 30 years, according to new analysis by @BBKogan and @econjared.
They find the debt would instead be trending down toward 48%, were it not for the Bush and Trump tax cuts.
the problem starts wit mainstream macro economics
#deficitmyth
85000 older Australians waiting for assessment? Something is deeply wrong wth the management of aged care needs. What exactly is the problem? I hope Sean gets some deserved justice but what about thousands of others?
@charliebilello the orange oaf @donaldtrump, ever the fool, thinks US finances are that of a household or business, no clue the power of a sovereign currency issuer, or the significance of sector financial balances. Mans an idiot. @StephenMoore you should be ashamed.
#deficitmyth
the national “debt” is not what you think it is.
It has another side.
#deficitmyth
$39,692,374,867,364.99 (+) #NationalDebt
@SteveRattner it’s just as much private sector assets as it is government debt.
so what?
#deficitmyth
@SpeakerPelosi until you Democrats realise taxes do not fund federal government spending, you are destined to repeat the economic errors of your opposition.
It’s why you lost the last election.
#deficitmyth
@KiszelyPhilip what is it you’re going to ask the IMF to do?
lend you UK pounds that you already issue?
why? did you run out?
WTF are you taking about? You don’t know what you’re talking about, do you?
You could try to do a little reading about real-world macroeconomics.
#deficitmyth
@andyburnham cooked before he starts, because of Eco101 he learned at 18 and accepts uncritically as sacred truth.
#deficitmyth
‘refuses to say the obvious: a sovereign government is not a household. Within the real limits of labour, materials, energy, skills and inflation, Britain can build and own what it needs.’…👍Re-education on economics vital. Worryingly his two economics advisors are neoliberals
@RichardJMurphy per @ProfSteveKeen @andyburnham will be relying on Eco101 learned when he was 18 & accepts uncritically.
Crucially, he & so many others accept the ‘state finance as household finance’ analogy.
That will never change while mainstream economic “experts” back it in.
#deficitmyth
y’all understand why you don’t run the govt finances like a household, now don’t you?
#deficitmyth
Naomi Klein: "Labour is sending lots of messages that very little is going to change ... hearing from your leader about fiscal rules and sounding like Margaret Thatcher on running a govt like a household, which is ridiculous, is going to set the table for a far right comeback."
“leading economists” 🤣
Any of them care to put their hand up and admit they’ve no clue about how the monetary system actually operates for a monetary sovereign with a floating exchange rate and no foreign-denominated state borrowing?
#deficitmyth
@RBAInfo @JEChalmers @SenKatyG @DavidPocock
your macroeconomics lesson for today.
what are you going to do about it?
#deficitmyth
"It is striking to find that the central banks continue to use an instrument, the interest rate, to fight inflations produced by supply shocks (fuel price increases) that have been shown to be ineffective and to produce large economic and budgetary costs."
Indeed.
It’s obviously ridiculous when put in those terms.
Neo-classical and Austrians SO want their fantasy version of what is and isn’t possible to be right ….
#deficitmyth
Hypothetically speaking, what would the economy look like if Andrew was right?
The government would be unable to fund things like Covid, or collapse of banks. Bond traders really could team together and force the government to pay much higher interest rates, in double digits...
any neo-classically trained economists (or even Austrians) out there want to wrap their heads around the REALITY of monetary operations for floating exchange rate current issuers?
#deficitmyth
@EMaggiori_ The legal walkaround: the Fed, an agent of the gov, lends the funds to the primary dealers that buy the Treasury (also an agent of gov) securities.
Functionally there is no restriction of nominal deficit spending. If there was it all would have hit the wall long ago, no?
@afneil oh
my
effing
dog
don’t tell me you still believe the CRAP about bond vigilantes?
about taxation collection funding government spending?
about “sound finance” and fiscal rules?
dammit man, YOU are part of the problem,
Do some reading forchrisake!
#deficitmyth
awesome
this is the second sector financial balances chart (the other was Scotland) that I’ve seen posted this morning.
NOW we’re getting somewhere!
#deficitmyth
"they inevitably force the working class to borrow credit from private banks"
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