Mike Bostic

CUNY Queens College. Advocate of Modern Monetary Theory.

[Mike Bostic @mbostic0]

The basics of modern monetary theory

[ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ @sdgrumbine]

Some basics.

The US Dollar is a tax credit.
It is a unit of measure.
You can't run out of inches
You can't run out of numbers
The government can't run out of dollars...
unless it purposely, politically chooses to.

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[Yan Liang @YanLian31677392]

There are a couple of issues with the analysis: first, reserve currency trap is only secondary to financialization trap; Bernanke's savings glut theory is problematic - net capital inflows $650B vs financial asset net creation $3.7T in 07, close to

[Mike Bostic @mbostic0]

@philippilk The UK needs a bailout from the IMF is honestly one of the funniest things I've seen.
It's unfortunate you fail to realize the UK gov issues and spends its own currency called the pound (a gov liability that they can't run out of). They do not have an insolvency issue.

[Stephanie Kelton @StephanieKelton]

Nice essay from my friend Paul London, former U.S. Deputy Under Secretary of Commerce. "The old idea is simple: Government debt is inherently dangerous, while private investment and spending are the virtuous engines of growth.

The historical record, however, tells us something different. The worst economic crises in American history have been driven by private-sector speculation, collapsing private debts, falling prices and the unwillingness of government to act boldly to avoid disaster."

[Mike Bostic @mbostic0]

@charliebilello This shows me that the labor market isn't as "strong" as people are claiming it to be. Also, the L&H sector typically is a low wage sector with high turnover rates as well.
The US might be adding jobs but not enough good quality/paying jobs in my view.

[Mike Bostic @mbostic0]

@NHL @Sportsnet @TVASports That was one of the strangest OT game winning goals in recent memory. What a game.

[Mike Bostic @mbostic0]

@BleacherReport This might be one of the wildest Stanley cup finals in recent memory.
3 goals by CAR in a span of 39 seconds and now we're in overtime. Insane.

[Mike Bostic @mbostic0]

@LucasKaplan_ @NetsDaily Also helps that CC is a cone defensively but yeah she's been a revelation.

[Mike Bostic @mbostic0]

All three major indices finished lower on the week led by the NASDAQ which tumbled 4.7% while on Friday having its worst day since April 2025
Week ahead:
CPI & PPI (May)
June consumer sentiment (preliminary)
Existing home sales (May)
Wholesale inventories (April)

[Mike Bostic @mbostic0]

To me, this is the biggest takeaway from the May NFP report outside of the headline number at 172k jobs added. Wage growth is now at its lowest levels since 2021 at 3.4% y/y & next week comes May CPI which will likely show further decline in real take-home pay for Americans.

[Heather Long @byHeatherLong]

This is the clear pain point in the economy.

Wage growth in May was the lowest in 5 years
May wage gains: 3.4% (for past year)
May inflation: Likely to be ~4%

It's easier to get a job now, but it's hard to find a job where your pay will keep up with current inflation.

[Mike Bostic @mbostic0]

@TheEconomist It should come as no surprise that the author of the Laffer curve would also support the policy that has led to massive wealth inequality in our economy since 1980. Their belief is that growth starts at the top but in reality, it starts at the bottom.

[Mike Bostic @mbostic0]

@PopBase It's been a difficult few years for fans of Buffy the vampire slayer as now another cast member has passed away.

[Mike Bostic @mbostic0]

@byHeatherLong We'll get the May CPI print next week which will show further decline in real take-home pay with the headline CPI projected to be at least 4% y/y & further calls for a rate hike will grow.

Also seems as if the services side of job growth far outpacing goods as well.

[Mike Bostic @mbostic0]

@byHeatherLong Well this is to me the biggest takeaway from the May jobs report. It's nice to see the job number at 182k, different sectors outside of HC hiring & the three month avg at 188k but wages are not keeping pace with rising prices right now. We can't forget about that part.

[Mike Bostic @mbostic0]

@AJENews If we're going to be honest this really isn't news. It's the responsibility of central banks to make sure that there is enough liquidity in the banking system. Part of understanding monetary operations here.

[Mike Bostic @mbostic0]

@tonyannett That's all well and good, but I truly hope you begin to understand the importance of taxation because the truth of the matter is tax revenues are not needed whatsoever to spend on a federal level. People with platforms like yours have to do better.

https://t.co/uk30tbgzCJ

[Mike Bostic @mbostic0]

Progressive lawmakers but really the avg person in general truly needs to grasp the importance of taxation. The whole tax to spend logic has been rotting our brains for way too long. https://t.co/bln4j5W5rB

[Mike Bostic @mbostic0]

@MaxRose4NY Did your donors tell you to say this nonsense Max lol? Last time I checked, I don't think the NYC Mayor needs your advice when it comes to winning elections. You're not even in Congress son.

[Mike Bostic @mbostic0]

@talmonsmith Thank you for sharing

[Mike Bostic @mbostic0]

@maxpcohen Seems like Espaillat is afraid of a challenge here lol. Also, didn't he endorse Andrew Cuomo in the mayoral race last year? Not to mention, some of y'all need to stop with the identity politics nonsense as well. The mayor isn't doing anything wrong.

[Mike Bostic @mbostic0]

Jobless claims rise to 225k vs 215k expected
Claims for the most part throughout 2026 have stayed in the 190k-230k range
https://t.co/knHw38utQV

[Mike Bostic @mbostic0]

@mehdirhasan @Acyn @bungarsargon The American people are hurting from Trump's inflationary policies first led by tariffs and now more recent the war with Iran. But how will the American people get rebate checks when the courts deemed his tariff policy illegal to begin with?