Galbraith’s scholarly research has focused on the measurement and understanding of inequality in the world economy, under the rubric of the University of Texas Inequality Project, UTIP (See UTIP website). His policy writing ranges from monetary policy to the economics of warfare, with forays into politics and history, especially the history of the Vietnam War.
In the following exclusive interview that was conducted for New Deal 2.0 in the USA and MMNews in Germany, he talks about the financial / economic crisis and the phenomenon of Peak Oil, points at future tasks and explains why he supports the Audit the Fed bill.
wbmw, I am way past the blame game, hate and mock so prevelant here and most political discussion, so I don't give a flip if it's Clinton, Bush or Obama who sticks it to us. I am looking for enlightenment and solutions.
You did read the Moseley speech text, right? You don't dispute his premise, but you still think that the government is going to be more effecient at dispersing 'stimulus' 'jobs' money than millions of citizens? You 'trust' the pols to pick the 'right' projects and you are confident no favoritism, supporter paybacks, fraud,waste and moral hazard will ensue? Tell me what is "spending on jobs" anyhow? Employers create jobs. Economies growing make it necessarry to hire. Or will we all work for the government? The more government spends the more drain on private economy. The more dependence on gov, the less people and businesses will be motivated to ignite their efforts.
When the economy is in a growth cycle higher tax rates make sense to mitigate the growth/inflation, like during the Clinton / Technology boom...
Deficits are never a result of tax policy. Always a factor of Congress Spending on top of Budget and Military commitments.
Spending Spending Spending (repeat 13 trillion times) is what causes deficits. Moseley is saying that taxes are punitive to our citizens, especially to the lower income segment who still pay FICA as a heavy percentage of their income, even if they don't pay much Federal and State income tax. A Tax Holiday for a year would "create jobs" as our economy boomed with discrecionary income to spend spend spend (repeat a trillion times)!
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