In this video below Molser is interviewed about the usual unproductive Govt fake job Guarantee.
Communist Soviet unions had a nice job guarantee as well. Not sure why Warren didnt bother to mention that. Anyway as history shows It didnt end up very well for them. North Korea is another fine example where Govt provisions its self by also printing for a nice job guarantee program.
Conversely Thailand has 1% unemployment rate without a JG.
As we look across the economic landscape to see of a JG passes the smell test. One had to apply the theory to a country like Haiti or Turkey or Venezuela with high unemployment. Would printing and creating fake jobs not for profit help the private sector with a buffer Stock of useless unproductive jobs paying 31k per year?Obviously not.
Now we have to look at the other side of those deficits who will be purchaser of those treasury bonds with their tax credit savings as a result of a JG plus interest? Those on a JG? The middle class maybe who is loaded up with debt? Obviously not again. It will be mostly high net worth individuals, institutions, foreign, and corporate. And bring up the rear will be the dwindling pension funds.
It’s the old bait and switcheroo political marketing tactic for the top 5% designed to appeal all. Those who feel guilty for having money, the middle class who wants take care of the poor with others money not theirs, and the chronic poor who are always looking for free lunch.
In conclusion, excessive deficits to fix make pretend problems with make pretend jobs and freebies, is really socialism for the top 5% who will profit and save from larger deficits.
Just like the Debt clock should be called the savings clock for the top 5% this video should be called fighting for the top 5% guaranteed income savings I am sorry to say.