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View Diary: Keynesian Deficit Doves vs. MMT Deficit Owls (15 comments)

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  •  You attribute to "Keynesian doves" things I've (0+ / 0-)

    never heard and are actually either contrary to Keynes writings or not addressed by him.

    The problem, which you also correctly identify, is a demand deficit. Unfortunately it appears that no on within the Washington DC metropolitan are prepared to do anything to fix that so whether you believe in your fancy "MMT" or traditional economic theory, it really doesn't matter, we're doomed to muddle through at least until 2013 when we get a new Congress. Hopefully with people from the Fact-based world, but I'm not real optimistic. At that point we'll probably have a 20M job deficit and I'm not sure what anyone will be prepared to do to alleviate that.

    •  We have a 25 million job deficit now (1+ / 0-)
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      if you include people who want full-time jobs and can't get them.

      Actually, I think it does matter what you believe. The deficit doves do share the notion with the hawks that there is a deficit problem, and they spend time talking and deflecting attention away from jobs! jobs! jobs! Without their willingness to view the hawks as mistaken but reasonable because they recognize the long-term problem it changes the terms of the debate. The deficit doves, for the most part, aren't angry, they aren't morally outraged, they don't consider the deficit hawks fools. They don't treat them as intellectually ridiculous pariahs. So they don't go full bore on campaigning for an end to unemployment. They're complicit in the idea that we need an unemployed buffer stock to contain inflation.

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