I think I found a pundit I can agree with. This is really good — he’s exposing Republicans, think-tanks, and the media with actual facts and figures. I can’t believe I spent 40 minutes listening to economics.
You’ll find it rewarding and entertaining, too!
I recently read a book called The Deficit Myth by Stephanie Kelton, economics professor at Stony Brook University. James K. Galbraith at UT-Austin (son of John Kennith) has been saying the same thing for years.
Funny, no one asks that question about military SPENDING or tax cuts for the rich. (Actually that question did come up in the UK on the Tory’s big tax cuts for the wealthy. It’s essentially what brought down Liz Truss.)
Pundits also don’t explore the potential benefit of these social investments. That’s part of the framing. It’s “costs” not “investments.”
Agreed, it’s good, and pretty accurate. My only quibble is that the deficit scolding goes way way back – it didn’t start with Pete Peterson, but started back before Ronald Reagan. Other plutocrats have been pushing it before Peterson, along with Republicans and ‘moderate’ Democrats.
Another thing to take into account: these plutocrats have rigged our socio-economic system so that it only benefits them. Between 1980 and today, GNP per person, inflation-adjusted, has nearly doubled (up 99%). If that growth was spread more-or-less evenly through society, we would all be making substantially more in real terms than we were in 1980. Instead, the average real income of each of the economic quintiles has been basically flat, except for the wealthiest 20%. Instead of a 99% increase in our real income, 80% of us have seen something like 1-2%. That’s a third world kleptocracy, not a functioning capitalist democracy.
Neither the Democratic nor Republican party will fix this. Both depend on pro-plutocrat factions to stay in power. Trump’s fascist appeal to the white working class is rooted in that; if you pay attention, you can see him attacking Republican plutocratic elites as well as Democrats. Nancy Pelosi works as a punching bag because she’s framed as a pro-capitalist elite. The framing works because it matches reality – she is pro-capitalist, and works to block leftist reforms.
The pro-plutocrat faction of the Democratic party used to be people who identified as Rockefeller Republicans, back in the 1960s. I live in a county that was solidly Republican back then. The demographics haven’t changed significantly since, but now it is deeply Democratic. Hillary Clinton, Gavin Newsom, Joe Biden Democratic, not AOC Democratic. Pro environment, pro-choice, pro-LGBTQ, pro-immigrant (hey, we need them to clean our homes and staff our businesses). But economic ‘conservatives’; the big local economic issue is the ‘horribly extravagant’ pensions of our county and city workers. Never mind that they passed up wage increases in exchange for generous pensions….
So how do we get out of this mess?
Wow, thank you PZ. This is an excellent concise informative video. It blows holes in the Crapitallist owned Media’s bullshit game. We are not strict socialists, but we see that the root concept of socialism: helping the populace is so worthwhile and while we are still vilified we will always support decent progressive programs that help the populace and oppose Crapitallist greed.
Oh come on, Dr. Myers, since when did Republicans and conservative media and think-tanks give a damn about facts and figures?
This is so stupid. The video is all about how Democratic programs like Build Back Better are shot down by collusion between the uber rich and the MSM.
As long as the Democrats depend on a plutocrat faction to hold power, they won’t be able to pass things like the original Green New Deal. If you remember, the initial betrayal by Manchin was predicted by the left. It was clear that passing the infrastructure bill without the Green New Deal would let Manchin object and gut the climate change proposals after he got what he wanted from the infrastructure bill. Pelosi and the centrist leadership aren’t bad at counting heads, they enabled that play.
Manchin isn’t “the Democrats”, stupid dishonest person.
Conspiracy minded cretins who blather “enabled that play” are no better than the Stop The Steal morons.
Jim Balter @9 — Did they not? What’s your objection? I expect you actually have one that you can articulate (for once), rather than just whinging about centrist talking points not just being taken at face value (again). Because from where I’m sitting, it looks pretty damn clear that the Dem leadership at the very least can’t be arsed to fight Manchin even when he’s brazenly blocking important progress, but they’ll fight the left at the drop of a hat, and over the dumbest shit.
@Jemolk
I think Manchin has been useful enough for Democrats by allowing them to confirm judges and pass a few watered down bills. You cannot ask for more given the state he comes from. I too used to be angy at the coal boy but I accept the reality now.
lotharloo @11 — Being angry with him would be a waste of energy. However, simply accepting his status quo is thoroughly unacceptable. As I have said here at least once before, and elsewhere numerous times — if Bernie Sanders had gotten his full platform from either 2016 or 2020 through with nary a compromise, you know what I’d call that? A good start. We can, should, and even must do better than we have been, and Manchin, combined with the Democratic Party’s refusal to fight him on anything, is exhibit A for why electoral politics, important as they may be for keeping the far right out of power, are not nearly enough.
It’s not just Manchin. If you look further back, a lot of big pro-business legislation has passed thanks to that faction of the party. Remember the “giant sucking sound” of NAFTA in the 1992 election? Ross Perot was right. Bill Clinton pushed it over the finish line, with help from other moderate Democrats. The bankruptcy bill of 2005, that Biden helped the Republicans pass? Or when Obama passed on the chance to significantly reform banking, ignoring advice of his liberal advisors and embracing solutions of the pro-business ones?
How many times will we be Charlie Brown to the moderate Democrats’ Lucy? I personally have had enough.
@12.
I just don’t understand what “fighting” Manchin really means. He’s basically a Republican senator from a very red state but one that allows a Democrat to be the senate leader so that they can pass their judges and some watered down legislation. It’s a pretty good deal for the Democrats if you think about it like that since by all accounts a Republican must represent WV; WV voted for Trump by roughly 40 fucking percent margin against Biden and by 42% against Hillary.