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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 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
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?
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….
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?
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
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.
What is a Green New Deal? • Federally funded • Locally implemented (decentralized) • Urban & Rural • Inclusive, Just, & Restorative • Comprehensive & Permanent
We must change the metric Standard of living vs. Quality of life
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.
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