As Republicans discuss the next stimulus among themselves, many seem determined not to “spend more taxpayer money” on supplementing unemployment insurance, which they consider a disincentive to work (as if the pandemic weren’t a sufficient disincentive). This is apparently a logical conclusion from their persistent belief in the myth of trickle down, which should have been long-discredited.
If there’s one thing that’s abundantly clear in our current situation, it’s that trickle-up is he only solution. With businesses closing and failing at unprecedented rates, unemployment reaching historic highs and demand collapsing, the federal government (as FDR knew) must become the demand-engine of last resort.
In the following short clip, Professor Stephanie Kelton lays out her own prescription for a return to economic health. If only she could be President for a few weeks!