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>> Harvard won’t use any of its $9 million stimulus check to make up for losses >> “Harvard is actually allocating 100% of the funds to financial assistance fo

by jl2718 7y ago

>> Harvard won’t use any of its $9 million stimulus check to make up for losses >> “Harvard is actually allocating 100% of the funds to financial assistance for students to meet their urgent needs in the face of this pandemic,” >> Harvard will need the money. It issued room and board refunds to students who left campus. So... they’re giving full refunds plus an extra $9M, right? Not counting on it. Government money doesn’t come from nowhere. It comes from people with a median of around $41k income and $100k net worth for the entire household. What percentage of Harvard families fall below that line? They need it though. I’m sure the average American would gladly donate if it wasn’t forcefully taken from them.

dragonwriter 7y ago
> Government money doesn’t come from nowhere. That's actually closer to the truth than your idea. > It comes from people with a median of around $41k income and $100k net worth for the entire household. The median federal tax dollar comes from a household making over $200k/year. But marginal spending doesn't actually come from current taxes anyway, it comes (insofar as the concept of the public purse approximates reality, which as MMT observes isn't very much) from borrowing which is repaid by marginal changes to future taxing and spending policy compared to what it would have been without the constraint of that debt. Who that comes from is...obscure and dependent on future elections and policy priorities.
- jl2718 7y ago
  True in the short term. I suppose that "In the long run, we'll all be dead."
KMag 7y ago
> Government money doesn’t come from nowhere. It comes from people with a median of around $41k income and $100k net worth for the entire household. The median tax dollar doesn't come from the median household. The top 10% of earners pay 65% of income tax, so the median tax dollar is more like $140k income household.

by jl2718 7y ago

dragonwriter 7y ago

> Government money doesn’t come from nowhere. That's actually closer to the truth than your idea. > It comes from people with a median of around $41k income and $100k net worth for the entire household. The median federal tax dollar comes from a household making over $200k/year. But marginal spending doesn't actually come from current taxes anyway, it comes (insofar as the concept of the public purse approximates reality, which as MMT observes isn't very much) from borrowing which is repaid by marginal changes to future taxing and spending policy compared to what it would have been without the constraint of that debt. Who that comes from is...obscure and dependent on future elections and policy priorities.

jl2718 7y ago
True in the short term. I suppose that "In the long run, we'll all be dead."

KMag 7y ago

> Government money doesn’t come from nowhere. It comes from people with a median of around $41k income and $100k net worth for the entire household. The median tax dollar doesn't come from the median household. The top 10% of earners pay 65% of income tax, so the median tax dollar is more like $140k income household.