Comments by "whyamimrpink78" (@whyamimrpink78) on "Trump Taps Abysmal CNBC Host For Top Economic Position" video.

  1. What's higher? 10% of 1000 or 50% of 100? The idea is that the economy grows under lower taxes.
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  2. Kyle is a Bernie Sanders supporter. He has no business to discuss economics.
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  3. A pedophile and a little girl were walking in the woods late at night. The little girl says "Mr., I'm scared." The pedophiles says "You're scared? I have to walk back through this alone later!"
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  4. Immortal SoFar, rich people take way more financial risk than you do.
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  5. MMT is nothing new. It is over simplified demand side economics
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  6. Edward Siegel, Paul Krugman supports demand side economics and is highly critical of MMT for being over simplified.
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  7. Edward, I read about MMT. It makes ridiculous statements such as that taxes do not fund the federal government, that taxes are there to control inflation, and that the federal government just needs to create money to fund itself. That is an over simplified version of Keynesian economics. Paul Krugman supported the idea of the trillion dollar coin and sees MMT as over simplified. The idea of the government just creating money to pay off its expenses has been done for years, it doesn't work. The Fed can control inflation with interest rates and monetary policy. And taxes do fund the federal government and money has no value until it is placed in the market. The market determines the value of money to which the government takes it back and funds itself.
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  8. Edward, this is a great video for you https://www.youtube.com/watch?v=kH1WaHzvFkw
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  9. Edward, a surplus does not increase private debt. You are over simplifying economics. This is why only a handful of economists even support MMT. You can have a surplus and still have reduced private debt. You should stick to surgery.
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  10. Green Square, we also have major recessions but yet everything keeps spinning. What's your point? However, you are also the same person who does not understand inflation.
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  11. Edward, my point on Krugman is that he aligns with some basic ideas of MMT and even he disagrees with it.
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  12. Edward, I suggest you stop studying MMT, and your lobotomy comment shows you rather resort to insults as opposed to actual discussion. MMT says that the federal government funds itself by creating money. That is 100% false. Why? Because money has no value until it is used in the market place. After that the federal government taxes it and now has money to spend itself. It can create a surplus by collecting more revenue and/or reducing spending. It can collect more revenue without increasing private debt. How? If the economy is growing than there is more revenue to collect even with low tax rates. Also, with a growing economy goods and services become cheaper which can aid in reduced spending. Goods and services being cheaper can also help the private sector as people will have more money to spend elsewhere. MMT assumes you can just create money out of thin air and that money will keep that value it has. That is similar to what Krugman supported with the trillion dollar coin, that we can just mint money and pay off our debt. That is debasing the currency and leads to inflation. This is why MMT is not taken seriously outside of a handful of economists.
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  13. MMT is literally Keynesian economics at a 3rd grade level of thought.
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  14. Edward, you did not pose any questions to me. I am looking back, maybe I missed them so you should ask again. But I don't see any question. The only one see that could be a question was talking about surplus in which I addressed. As for intelligent people, I am a doctoral candidate in physical chemistry and I am taking MBA courses to which I eventually will pursue an MBA. Some of the courses are strongly related to economics. In fact, the one I am taking now is all about the monetary and financial system, how they are connected, and the central banking system in the US, Germany and Japan. So I am highly interested in learning more. The fact is this, MMT is a watered down version of Keynesian economics. The fact you studied it for 10 years is rather scary considering one can understand what it is in 10 minutes.
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  15. "here is a logical fallacy that taxes "fund" federal spending. Taxes must be paid in US Dollars, which are credits created exclusively by the US Gov and its agency. All federal spending is also in US Dollars. Clearly, the US Dollars must be created (spent into existence) BEFORE they can be taxed or borrowed. How else can it be?" I addressed this point already. That money the government produces has no value until it is used in the market place. It is fiat money meaning it has money only if the members exchanging it agree to using it. After that trade that money now has value. Money is there to solve two problems in economics, the retention of value problem and the double incidence of wants problem. Since the gold standard no longer exist money's value is derived from how it is traded in the market place. When it has value then the government taxes it and now can spend it. But if the market does not accept the money, it is worthless. Or if $10 does not buy what the government feels it should buy, than it has a problem. The government cannot just create money to fund itself if society does not accept it. If it creates too much money that debases the currency.
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  16. Edward, this is not to be rude but you seem to lack very basic understanding of what money really is https://www.youtube.com/watch?v=ZkyBnaYCUhw
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  17. Edward, MMT supporters use a comparison of a score keeper in a game. That if someone scores a goal than the points appear out of nowhere. And that with the economy the money just appears because of the government who is the score keeper at that point. That analogy is both over simplified and flawed. It is flawed because someone worked to earn those points, just like I work to earn money. I produced. The points did not come out of thin air. Government creating money does come out of thin air. That money being created did not produce anything and thus have no value. Next, it is over simplified in that there is way more to the economy than just that. MMT has this idea that money can just be created and it has value. And that government can tax to reduce inflation which is them taking money out of the system, thus the money magically disappears. Economics isn't that easy as, like I said, money has no value until it is accepted in the market. The government is a buyer as well. If the government just creates money to purchase the market does not have to accept it. For example, if the government creates money to fund medicare healthcare providers do not have to accept it. That is why the money is released in the market first and then taxed. It disturbs me how you studied MMT for a decade and understand very little about economics.
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  18. "Trump had twenty-some businesses fail" Bernie never ran a business at all. With failure comes success. Michael Jordan made only around 50% of his shots.
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  19. Walt Disney was not hired for a job for "not being creative enough". People with a lot of success experience failures. They place themselves in that position.
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  20. Work participation is growing along with GDP. Trump is so far a success.
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  21. SodaBoy628, the unemployment rate was dropping due to lower participation rate. Participation was at around a 30 year low. Right now unemployment is dropping while participation is growing. When participation rate increases usually unemployment rate increases, but it hasn't. Also, when participation rate increases and unemployment rate decreases below "natural unemployment" you see inflation, but inflation has been low. Many numbers indicate that Trump's economy is strong.
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  22. Ch33to Sesh, Bernie is an economic illiterate. He does not understand what collateral is.
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  23. Green Square, Bernie is a career politician. Trump has to use his actual intelligence to succeed. All Bernie did was promise free shit while being from a mostly white, small state.
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  24. Green Square, Bernie has never accomplished anything outside of politics. That is a major problem.
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  25. Green Square, you don't see that as a problem as someone decides to be a career politician and live off of the government their entire life? Also, he did not win any election until he was 40. What had he accomplished prior to that? I am 30 and accomplished a lot more.
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  26. Green Square, Bernie is a bum. And he is the company's man when it comes to the DNC.
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  27. Ch33to Sesh, I would debate Kyle if he is willing. How about you set it up? But also, why would Kyle debate some random person? But if I were to debate Kyle I would destroy him easily.
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  28. Green Square, I study economics. In doing so I see how terrible Bernie's ideas are. Same in studying psychology. Under Bernie's plan no one will work, nothing will be produced, and we will all be worse off.
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  29. Green Square, give me any of Bernie's economic policy and I will show you why it is radical and will be destructive to our society.
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  30. Green Square, if you studied economics than you would understand that switching to a universal healthcare system will cause a major recession. Or doubling the min. wage will lead to massive unemployment.
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  31. Green Square, care to give examples? Tell me how Bernie will provide universal healthcare in the US, how he will implement it without destroying the economy, and how it is any better than what we have.
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  32. Green Square, I study economics at the graduate level.
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  33. demonicwiccan666, increasing the min. wage by over 100% will lead to massive unemployment and/or inflation. Pushing for universal healthcare where the government ends up running 1/6 of our economy will lead to a major recession. This is very obvious. You cannot make radical changes like that.
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  34. In the big picture Bernie lost. He will never become president and we will see an economic boom under Trump.
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