While it is an indisputable fact that “Gov’t debt = Non-Gov’t Surplus” and every single copy/paste MMT memer cheers in joy everytime they post it or read it, thinking they are in the know and somehow smarter than everyone else. I know because I deal with them all the time. They are always coming up with cute free lunch idea, such as Soviet-style JG, UBI etc..
The logical question they never ask themselves is, to who in the Non-Gov’t is it a surplus for? Are those surpluses spread evenly amongst all the population? Are they lopsided more to the bottom 90% and less to the top 10%? Or is it the other way around?
If you believe that the vast majority of surpluses go to the top 10%. Ask yourself this. What does the top 10% do with all those savings? Put those savings under a mattress? Or do they invest it in various asset classes such as Stocks, Bonds, buy back shares etc..? I can tell you with a fair amount of certainty, they don’t put their savings under a mattress. Chart two explains why World Stock Market Capitalization alone is currently worth a measly $93 trillion or 122% of Global GDP.
You think a person making $23k on some ridiculous Soviet-style JG program or UBI, will allow people to capture a bigger piece of that Savings Bubble Pie? WRONG! If you believe that you are either, completely naive, ignorant, insane or all of the above!
You sill think throwing more money from Gov’t deficits will fix the problem? The Reality is, it will only make it worse! As those people with their Glorious 23k JG employment will spend 120% of their income each month as they take on more debt with their wonderful “paycheck” while the top get to enjoy all those savings instead. Not the guy at the bottom. So all you little so-called Neo-Liberal haters should start hating yourselves. Because you are the Neo-Liberal enablers.
As we promised to you all from the start, we go beyond the memes. We are PURE MMT FOR THE 100%! We certainly do not oppose memes for the kiddie pool. It is important to get people interested. But we do oppose ridiculous drawn conclusions and silly solutions derived from those memes. Which is why you should start educating yourself in real MMT.
Truth requires no convincing.
Source Pure MMT for the 100%.