…Yet, consider this. His chief economist, Stephanie Kelton, is an advocate of the most far ranging challenge to austerity on the horizon. She advocates a guaranteed basic income; federal jobs for anyone on demand at a living wage and the pre-distribution of resources – consistent for instance, with a federally funded bank account for each child. She is a consistent champion of single payer. Her heterodox economic co-thinkers and associates have demanded the financial sector be reined in and banksters jailed. And she has consistently argued that government surpluses are actively destructive and balancing the budget is generally pernicious. If these proposals were implemented, the fight for 15 would be comprehensively transcended. Wages would be set at the federal level as private employers would have to bid workers away from decent paying federal jobs.
This is not your friendly, respectable Keynesianism. It is not Krugman and not Stiglitz. It is a rejection of all prevailing economic orthodoxies. It is a powerful anti-poverty program based on full employment, not piecemeal remediation. And it is one that offers a level of plebian economic security – and therefore a breakdown of social discipline based on want — that could only instill the fear of god into the ruling class. It will be a lightening rod for all the forces of reaction, from the Democratic mainstream no less than from the Republican right……
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