8 Myths About Federal Debt

16 May 2019 – I promised you that in our next show I would get into the myths about Federal debt. This is that show. In addition, Will talks about why we should be going into space – for real. Some of the ideas sound crazy but I think there is enormous value in doing the work that takes us down those paths, regardless. There is so much possibility, why would we not get serious? At the top of the show we touch on the new agreement, between the UK and the Republic of Ireland, to establish a common travel area. Granted, this is a weak tea solution but it’s not nothing.

In case you want a quick list of the eight myths about Federal debt which I cover, here goes:

Carrying debt is bad for the Federal government
And the corollary, Federal surplus is good (this article provides perspective)
The Federal government uses our taxes to “pay for” government spending
There is a fiscal cliff
Passing Federal debt on to future generations is bad
The Federal government issues Treasury bonds (debt) to fund spending
Federal debt “crowds out” investors (Stephanie Kelton crushes Paul Krugman on this subject here.)
When all else fails, gibberish explains why debt is bad (a special thank-you to JD Alt for this one!)

We have been busy but we will keep trying to fit shows in as often as we can. Like carrots, there are so many topics and so little time! Cheers! – Arliss

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Dems Dangerous Debt Dance with Bluegal

16 April 2018 – There comes a time in every federal budget cycle when I have to find a way to talk about debt and, specifically, the Dems dangerous debt dance. This time I decided to switch things up and invited Frances Langum (Bluegal), from my favorite podcast, The Professional Left, to interview me and to provide push-back. Fran is someone for whom I have enormous respect but, like 99% of the Dems out there, she comes at economics from a purely Keynesian perspective…and that’s what I wanted. You are going to love the conversation and, I hope you find it an interesting way to get the MMT message out.

At the top of the show I refresh the information about the Rapid Response events taking place when (if) Trump does any of the following: fires Robert Mueller, fires Rob Rosenstein, pardons any key witnesses. Please go to Nobody Is Above the Law to register for the event closest to you. Our democracy cannot be allowed to go down without a fight. Also, on the day you can tune in to Netroots Radio for a live stream as events unfold.

During the rest of the show Will covers an item you may have missed on your news feed, the angry Scottish badger, as well as some of the larger issues surrounding the US/UK/French strike on Syria. I get into Mick Mulvaney’s appearance on Capitol Hill to give his bi-annual report from the CFPB. Both Joan McCarter, of Daily Kos, and David Dayen, for The Nation, covered this particularly well.

Be vigilant folks, things are getting real. – Arliss

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Rural Spaces

13 November 2017 – We accidentally ended up with a theme this week – rural spaces. During our interview block we were fortunate enough to have Lane Siekman (@LaneSiekman), Congressional candidate in IN-6, and Dearborn County, Indiana Democratic Party Chairman, Tricia Gaustad (@GaustadTricia). Lane gave us an articulate and well thought out rundown of his priorities including progressive favorite, Medicare for All. Tricia talked about why the 2018 cycle is not at all the same as the 2016 cycle even in her deep red county. She is listening to local Dems and has built a strategy to truly fight the good fight.

Will started the show talking about the ways in which some conservatives are trying to twist the current conversation about powerful people sexually abusing others into a diatribe which reinforces feelings about LGBTQ people. They do this, of course, at the expense of women but that is their normal operating procedure so we should not be surprised. In his block Will gets serious about rural spaces and why the Democratic party simply must find a way both to honor our base and to reach back into rural areas for those who have priorities which are not all about racism. He reminds us that rural areas vary in demographics from state to state and that those variations represent opportunities.

I begin the show with a couple of brief observations about the elections this past week. In my block I explain carried interest, why it is part of the GOP tax plan debate and the fact that the issue with carried interest is not about how much the wealthiest Americans pay in taxes, it is about increasing inequity and inequality. …Oh, and eliminating the carried interest loophole represents yet another promise which Trump has broken. I spend most of my block talking about new research, summarized in an article in the Harvard Business Review, which evidences a strong correlation between opposition to federal spending and racial resentment. We keep thinking that it is possible to wrap our minds around all the ways in which racism is systemic in our society and, as this research shows, we are nowhere close to understanding.

On that cheerful note…the interview I was expecting to have this week really is happening next week. It will be very different from our normal fare but I think it is going to be wonderful. Stay tuned! Carrots! – Arliss

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Trump is Toast & Fascism in the UK

10 October 2016 – We were lucky to have Scottish National Party Councillor Math Campbell to preview for us what it looks like when fascism takes over a country. The British government of Prime Minister Theresa May is talking about creating a “registry” for all foreign nationals and has decided that no organizations which advise Whitehall can include foreign nationals among their advisors. Prime Minister May has also announced that when negotiating Brexit from the European Union, limiting immigration will take priority over jobs, the economy and justice. It’s good to know she has established her priorities. Math let us know that plans are continuing apace for a Scottish break from the UK.

At the top of the show Will makes it clear that the most recent release from Wikileaks, which is intended to be problematic for Clinton, is not now and was not ever created by the Clinton Foundation or part of a speech given by Hillary. The release is comprised of falsified documents, probably written by Russian agents, in an effort to influence the US election.

I answer the question, what is Hillary’s plan to pay for debt-free college? This is a nod of the carrot to Travis & Rachel, our friends at Irreverent Testimony, who were faced by a Libertarian with this very question last week. I hope this answer helps. If anyone needs additional detail, there is a lot more at Hillary’s website. This link will take you to the specific page.

Usually, both Will and I have a block on the show to talk at a bit more length about a subject of interest to each of us. We planned that for this week. We prepared our notes. We got ready to record the show. And then Politico announced that the Republican National Committee had temporarily frozen the funding and all work on Trump Victory Fund projects. Will and I were willing to let the rest of the media deal with the despicable things Trump has said about women but when the GOP starts to seriously break-away from their candidate, well, that we had to cover. Late on Saturday afternoon we pitched our original plans out the window and started again. What you will hear is current as of about 6PM on Saturday, 8 October.

I didn’t mention it on the show but I did find this graphic of 150 GOP leaders who don’t support Trump and when they reached their breaking point. It is fascinating.

With luck, next week will be a bit more normal. Carrots! – Arliss

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@DeRay McKesson For Mayor!

11 April 2016 – Every time I hear DeRay McKesson speak or read an article he has written I am again convinced that we need someone like this running every major city in America. Our interview with the Baltimore Mayoral candidate, civil rights activist and educator reveals him to be a holistic thinker, a realist and a revolutionary all at the same time. If you don’t already, you must follow him on Twitter at @deray. Will has referred to DeRay’s platform on past shows and, if you have not already done so, go and read a plan for an American city that is grounded in what works and the mechanisms for scaling already tested, functional programs.

At the top of the show I talk about the realities of presidential campaign financing which Bernie consistently avoids. I have to admit, I see him differently after his utter failure at the interview in New York and his, frankly, unforgivable (from my perspective) remark about Hillary. I don’t know if he realizes how very differently women heard him. For me, Bernie has crossed a rubicon and we are never, ever, ever getting back together.

I suspect you are thinking I will talk about the Panama Papers and I do…in a way. I spend my time (and Will’s) talking about the mechanisms of tax havens, why they are usually bad but not always and some of the unexpected questions about privacy.

I talk a lot this week but, fear not, I am about to be away for two weeks and Will will be running the show. I know you will all have a spectacular time. I’ll be back in May for our interview with…wait for it…the Chief Economist of the AFL-CIO, William Sprigs! Later in the month we have the editor of the “Intelligence Report” from the Southern Poverty Law Center, Mark Potok. All of that and root vegetables too. – Carrots! Arliss

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Apologies all, for some reason this Blog entry never posted like it was intended to. New Episode tomorrow.

–Will

2016 Politics with Jesse LaGreca

8 February 2016 – I love political detail. The nitty gritty, pixel level parts that combine to render something one can only see fully by stepping back. Jesse LaGreca (@JesseLaGreca on Twitter and MinistryOfTruth on Daily Kos) gave us some excellent, granular information on the seats most likely to help Democrats to flip the Senate. He also got into gerrymandering, the GOP Presidential nominees and why running away from Obama and the word “liberal” doesn’t fly with the Democratic Party base.

Will reminded us that Trayvon Martin would have turned 21 this week. Will also gave a nod to the Sanders campaign for policing their Reddit and banning attacks on Hillary. Will then goes on to compare the Scottish YES campaign to the current Sanders campaign. (“You say you want a revolution….”)

I start out the show with an update on the rapid changes coming for the Iranian economy and the real challenges faced by Iranian banks. Later in the show I try to answer listener Peter’s questions about how to talk about deficits and taxes.

We love hearing from you here and via Twitter @IMHoppingMad. You can always catch our podcasts on Stitcher and iTunes or download there here. – Carrots! Arliss

[Note: if you are interested in the behind the lettuce leaf scoop about why we have not been on the air consistently since mid-December, check out the previous blog post. We should be much more steady for the foreseeable future.]

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Jim Crow Never Died

11 January 2016 – Ever since the Black Lives Matter hashtag rose to prominence I have found myself on a steep learning curve. Our guest for this show is Dr. Lawrence Brown an Assistant Professor at Baltimore’s Morgan State University School of Community Health and Policy. Dr. Brown is a rising national voice spreading the word that Jim Crow never died and the kind of hyper-segregation seen in Black communities, like that in Baltimore, has shocking and far reaching public health and societal consequences far more pervasive than are initially apparent. Dr. Brown clearly conveys the implications of policies, both historical and current, which have been imposed on Black communities.

In doing my pre-show research I read many of Dr. Brown’s articles but the one that really knocked me back is one I recommend that you read as well. Down to the Wire: Displacement and Disinvestment in Baltimore City encapsulates many of Dr. Brown’s points and should be required reading for everyone seeking greater understanding of the underlying causes behind the current racial crisis. Really. Read it. This is what you will be talking about for a long time after you make the investment.

We open the show with Will talking about polls in the Democratic race and I try to put the precipitous drop in the Chinese stock market (and ours) into perspective. Then Will goes on to talk about policing as it relates to terrorism and I get deeper into the way money flows through the US economy.

It’s good to be back! Carrots! – Arliss

On another note, three polls were published AFTER we recorded this, putting Bernie neck-and-neck with Hillary in Iowa. So my analysis in the first five needs amendment. All polls in Iowa now put Clinton and Sanders within the margin of error of each other, so it’s anyone’s guess. It just goes to show you how fast things can change. I’m excited to see what happens next, and I’m looking forward to the general election. – Will

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Modern Policing, Climate Change & More on Taxes

7 December 2015 – We are back with an all new show including a first-rate interview with Police Chief David Hewitt. For eleven years Chief Hewitt has been running a small town, Midwest department which is known for its considered approach to law enforcement. His thinking on social justice, the militarization of policing, use of force and the pressures being placed on law enforcement to fill gaps which are not being met at the source are all well worth hearing. Listen to him saying “You can’t arrest your way to” a solution. If he could tell all departments across the nation one thing he said, “You can’t take that bullet back.” Every department is not Chicago or Ferguson. It’s important to hear from a Chief who thinks deeply about the challenges and solutions in modern policing.

Will reassures us that Turkey and Russia are very unlikely to go to war no matter what all the various talking heads are saying. These are nations which do not now and have not ever had an alignment of purpose but it is not in their interest to battle one another at this time. In his longer segment Will tries to make climate change more real to us all be describing what is happening in Florida already.

I continue on the subject of taxes. Though I usually pull from many sources while I cover a topic, this time I lifted virtually my entire presentation from one given by Dr. Stephanie Kelton (now the Chief Economist for the Minority, Senate Budget Committee). If you have time you can view her entire presentation here. I promise that it is an hour well spent. At the beginning of the show I briefly update the decision by the International Monetary Fund to include the Chinese renminbi as part of the Special Drawing Rights (SDR) currency basket. Since that will be entirely unintelligible to most people (and with good reason) I refer you back to a segment I did on The After Show on 6 August 2015. (My segment begins about half way through the show.) There I explain SDR, the basket and China’s desire for inclusion.

To all those who have been communicating with us via a variety of channels, we LOVE hearing from you. You push us and for that we are grateful. An extra big helping of thanks goes out to Peter who always listens so closely and asks wonderful questions. It will take me a few weeks to get through them all but I’m on it!

Carrots! – Arliss

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ISIS, Taxes & Strategy

23 November 2015 – The news just doesn’t ever seem to get any easier to watch, does it? With the horror of terrorism and the insanity of our nation quaking in fear at the prospect of extending our hearts to the very people who have fled the terrorists we so despise, it has been a long week. So much for that whole “…home of the brave…” thing, right! Maybe it’s just me but I do find it helps me to be able to cope when I can put it all into political, historical, economic and religious context. Middle East expert Landon Shroder (@LandonShroder on Twitter) is back again this week to help us with that. The on-air interview is just the beginning. There is more than an hour of additional insight in the Extra Mad (extended) podcast version. Having lived in Iraq for a number of years, Landon has lived with this war and his personal experience and expertise is exceptional.

This week, as promised, I am talking about taxes – how they work, what they can do and what they really, truly, factually do not do. I should provide a warning however. If you are into drinking games, please do not take a drink every time I say “drive” or some version thereof. I’ve had alcohol poisoning and the combination of the hospital bill and embarrassment are absolutely not worth it.

This week Will talked about how our enemies strategize to exploit our weaknesses and failures to hurt us. He began by highlighting the history of the British Empire’s maneuvering over slavery, first banning it, then later providing the Confederacy with warships. Will evidenced this as an example of long-game diplomacy. Then he compared that to how DAESH/ISIS/ISIL is doing the same thing when it comes to exploiting the poverty and racism which have harmed working class Muslims in France for decades.

At the top of the show I touch on the recently released Global Terrorism Index and Will covers the latest from…wait for it…Scotland. I know. Just when you thought you were out he pulled you back in – or something like that. (LOL.) We all know that Will’s heart is in Scotland and he watches developments there very closely but, frankly, the politics in Scotland and the UK really have been fascinating, especially these past two years, and I’m glad to have Will to keep me up to date on all the goings-on.

Due to the Thanksgiving holiday we will not be recording a show next week. We will be back bright eyed and fluffy tailed on Monday, 7 December. Carrots & Yams! – Arliss