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MMT & the Green New Deal

MMT & the Green New Deal. Fadhel Kaboub Associate Professor of Economics, Denison University President, Global Institute for Sustainable Prosperity @FadhelKaboub @GISP_Tweets Global-ISP.org kaboubf@denison.edu

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MMT & the Green New Deal

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  1. MMT &the Green New Deal Fadhel Kaboub Associate Professor of Economics, Denison University President, Global Institute for Sustainable Prosperity @FadhelKaboub @GISP_Tweets Global-ISP.org kaboubf@denison.edu The 3rd International MMT Conference, Stony Brook University September 27, 2019

  2. My main message We have: • A climate emergency; • Millions of people want to work, but can’t find jobs; • Green tech innovations: Increasingly more efficient & cheaper. So what are we waiting for?

  3. How do we pay for it? • We’re told: • The government is broke; • We’re running out of dollars; • the rich will never agree to pay higher taxes to fund all of this; • the national debt will burden future generations • Inflation, hyperinflation, Zimbabwe, Venezuela, Weimar Republic… • we need to borrow more dollars from China….

  4. How did we pay for WWII? • Remember the misery of the Great Depression? • Where did the money come from? • Was WWII affordable for the US? • Did the US wait for tax revenues before entering the War? • Did the US borrow from anyone before the War?

  5. Modern Monetary Theory (MMT)

  6. What is Monetary Sovereignty? • A financially sovereign government: • issues its own currency, • collects taxes in that same currency, • onlyissues bonds denominated in that same currency • operates under a flexible exchange rate regime • An important distinction between: Currency Issuer vs. Currency Users Modern Monetary Theory, or MMT

  7. The Spectrum of Monetary Sovereignty

  8. The GND & Job Guarantee Framework • Take people as they are, where they are • Do on-the-job paid training with a living wage+benefits • A broader support network (e.g. housing, mental health, legal aid, soft skills, family counseling, career counseling,…) to thrive on the job and to re-connect with the local community on a stronger foundation. • In other words, we don’t give up on people. • We lift everybody up to higher grounds.

  9. What is a Green New Deal? • Federally funded • Locally implemented (decentralized) • Urban & Rural • Inclusive, Just, & Restorative • Comprehensive & Permanent

  10. The most popular Jobs policy!

  11. But Can We Afford it?

  12. YES WE CAN!

  13. Can we afford this?!

  14. Can we afford this?!

  15. Can we afford this?!

  16. Can we afford this?!

  17. Can we afford this?!

  18. We must change the metric Standard of living vs. Quality of life

  19. GDP vs. Genuine Progress Indicator

  20. Concluding Remarks • We are running out of time! • The climate crisis, inequality, poverty, exclusion, and injustice call for urgent and bold actions • The current climate & jobs policies are too weak, slow, expensive, and ineffective • Sustainable Prosperity is our only option • Economic Justice and Climate Justice via a living wage Green New Deal are possible, desirable, and affordable.

  21. Thank you! Questions/Comments MMY & the Green New Deal Fadhel Kaboub Associate Professor of Economics, Denison University President, Global Institute for Sustainable Prosperity @FadhelKaboub @GISP_Tweets Global-ISP.org kaboubf@denison.edu

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