fuagf, out of the box is overused but Mosler is that. A high percentage of even the most well informed people in the world never have taken the time to understand monetary mechanics and it appears even those in charge still act as if money is a finite or static entity tied to a standard. We all know that is not the case but still work with that ... zero sum game ,, frame of mind.
Even knowing that banks create money when they make a loan is too surreal for most to grasp. The big drop off in lending in the world is causing a money shortage, disinflation, which will degrade into deflation if lending does not pick up or if Central Banks don't reflate. I think the C.B. powers WILL REFLATE and we have every indication they will. Moseley contends the pattern so far has been to bail out fat cats and load the balance sheets of banks and that has only enriched the most guilty S.O.B.'s .. That too big to fail strategy will not get lending or economies going again and when large sums are handed out by a small number of people to a medium sized number of people you know full well that MORAL HAZARD is rampant. Also people are sick and tired of it and may not put up with much more. What would work and be popular enough to rush into practice quickly enough to help before it is too late?
Moseley - "the surest engine for full economic recovery is a full payroll tax holiday. Payroll taxes take away over 15% of everyone’s paycheck, from the very first dollar earned. This is big money- about $1 trillion per year. Half comes from the employee and half from the employer. A payroll tax holiday does not give anyone anything. What it does is stop taking away $1 trillion a year from working people struggling to make their payments and stay in their homes, and businesses struggling to survive. A full payroll tax holiday means a husband and wife earning $50,000 a year each will see their combined take home pay go up by over $650 a month, so they can make their mortgage payments and their car payments and maybe even do a little shopping.
This fixes the banks and fixes the economy, from what I call the bottom up. It fixes the banks without giving them anything more than people who can afford to make their payments. That’s all they need to remain viable.
And what all businesses need most to expand output and employment is people with spending money who can buy their products. Without people to buy goods and services, nothing happens. The payroll tax holiday also means there is also a big reduction in expenses for business. With competitive markets this means lower prices, which also helps consumers, helps keep inflation down, helps businesses compete domestically and in world markets to help optimize our real terms of trade, and helps keep the currency stable as the dollar is ultimately worth what it can buy. So with the payroll tax holiday we get a dramatic increase in economic activity, rising employment in good jobs, and better prices. And we’ll see millions of new jobs, because, again, what business needs most is people with money to buy their products. Then they hire and expand.
What I don’t see is how any self respecting Democrat can allow this tax to stand for a single moment. It is the most regressive, punishing tax we’ve ever had. It starts from the first dollar earned with a cap at $106,800 per year. It’s an utter disgrace to the Democratic party. It should be immediately eliminated. Yet, instead, the Washington Democratic elite are actually discussing increasing it."
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