5 ms·

The tax-cuts are reverse Keynesian economics. They are "doing it wrong". This is the big flaw i see against Keynes, that the political discipline and foresight

The tax-cuts are reverse Keynesian economics. They are "doing it wrong". This is the big flaw i see against Keynes, that the political discipline and foresight it takes to pay forward is very hard. Instead it becomes another round of the too much debt cycle. Unfortunately I don't have any alternative. (many would put their pet economic hobby horse here) Edit: I noticed a problem with my comment, I said pay forward but Keynes has a pay back what you borrowed earlier.

koube 8y ago
California is doing great in this regard[0]. In my opinion we're lucky to have Jerry Brown at the helm. If you have nice, boring elections, then you can get nice, boring people in leadership positions. [0]: https://www.wsj.com/articles/jerry-browns-legacy-a-6-1-billion-budget-surplus-in-california-1515624022 https://www.wsj.com/articles/jerry-browns-legacy-a-6-1-billi...
- tormeh 8y ago
  >If you have nice, boring elections, then you can get nice, boring people in leadership positions The key argument for approval voting - right here.
- merpnderp 8y ago
  I'm not so sure we have the same definition of doing great. http://www.latimes.com/opinion/op-ed/la-oe-jackson-california-poverty-20180114-story.html http://www.latimes.com/opinion/op-ed/la-oe-jackson-californi...
  - tabtab 8y ago
    Most of that is because of demand for real-estate here, and because the weather brings homeless from states with crappy weather. It's not bad governing. It's not Brown's fault TX is humid.
  - verbify 8y ago
    Cached version for those under GDPR (the LA Times has seen it fit to block all GDPR countries from their website): http://webcache.googleusercontent.com/search?q=cache:nQgta5-m2YEJ:www.latimes.com/opinion/op-ed/la-oe-jackson-california-poverty-20180114-story.html+&cd=1&hl=en&ct=clnk&gl=uk http://webcache.googleusercontent.com/search?q=cache:nQgta5-...
logfromblammo 8y ago
The first debt borrowed starts a countdown timer of X years--not to exceed the median age of mothers at the birth of their first child--until the jubilee date, when all outstanding debts are cancelled and forgotten. If your state is debt-free, that's great; you have X years to borrow and spend your way out of trouble. If your state owes even $1, better pay it off quick to reset your Keynesian pump-priming capacity! And if your state can't pay off its debt, the younger generations aren't forced into austerity to pay for the excesses of the elders.
- rabidrat 8y ago
  What is the incentive to pay it off at all, if it will be forgiven in X years?
  - logfromblammo 8y ago
    So that lenders will keep loaning you money when you need it, and on better terms. Lending terms will tighten up as the jubilee deadline approaches. If it's only 5 years away, lenders will not even bother calculating payoff periods further than 5 years into the future, minus the amount of time required to file and collect on any lawsuits for nonpayment. If a state actually hits a jubilee with debt still on its books, it will quickly find that borrowing becomes a much weaker tool in its fiscal toolbox. It might also help to make all persons holding elected office with budgeting or spending authority at any time during the state's indebtedness to become ineligible to hold such offices for Y years after a jubilee.

koube 8y ago

California is doing great in this regard[0]. In my opinion we're lucky to have Jerry Brown at the helm. If you have nice, boring elections, then you can get nice, boring people in leadership positions. [0]: https://www.wsj.com/articles/jerry-browns-legacy-a-6-1-billion-budget-surplus-in-california-1515624022 https://www.wsj.com/articles/jerry-browns-legacy-a-6-1-billi...

tormeh 8y ago
>If you have nice, boring elections, then you can get nice, boring people in leadership positions The key argument for approval voting - right here.
merpnderp 8y ago
I'm not so sure we have the same definition of doing great. http://www.latimes.com/opinion/op-ed/la-oe-jackson-california-poverty-20180114-story.html http://www.latimes.com/opinion/op-ed/la-oe-jackson-californi...
- tabtab 8y ago
  Most of that is because of demand for real-estate here, and because the weather brings homeless from states with crappy weather. It's not bad governing. It's not Brown's fault TX is humid.
- verbify 8y ago
  Cached version for those under GDPR (the LA Times has seen it fit to block all GDPR countries from their website): http://webcache.googleusercontent.com/search?q=cache:nQgta5-m2YEJ:www.latimes.com/opinion/op-ed/la-oe-jackson-california-poverty-20180114-story.html+&cd=1&hl=en&ct=clnk&gl=uk http://webcache.googleusercontent.com/search?q=cache:nQgta5-...

logfromblammo 8y ago

The first debt borrowed starts a countdown timer of X years--not to exceed the median age of mothers at the birth of their first child--until the jubilee date, when all outstanding debts are cancelled and forgotten. If your state is debt-free, that's great; you have X years to borrow and spend your way out of trouble. If your state owes even $1, better pay it off quick to reset your Keynesian pump-priming capacity! And if your state can't pay off its debt, the younger generations aren't forced into austerity to pay for the excesses of the elders.

rabidrat 8y ago
What is the incentive to pay it off at all, if it will be forgiven in X years?
- logfromblammo 8y ago
  So that lenders will keep loaning you money when you need it, and on better terms. Lending terms will tighten up as the jubilee deadline approaches. If it's only 5 years away, lenders will not even bother calculating payoff periods further than 5 years into the future, minus the amount of time required to file and collect on any lawsuits for nonpayment. If a state actually hits a jubilee with debt still on its books, it will quickly find that borrowing becomes a much weaker tool in its fiscal toolbox. It might also help to make all persons holding elected office with budgeting or spending authority at any time during the state's indebtedness to become ineligible to hold such offices for Y years after a jubilee.