There are fiscal conservatives on the right and left of the political spectrum—and in the middle too. Continue reading “The Deficit Myth”
I used to be rather puzzled by the fact that our central bank, the Bank of England, is ‘independent’, despite the fact that it’s owned by the Treasury, and the Treasury is part of the government. This seems to make it in effect an arm of government, but apparently it’s not. This is the official position anyway, and has been since the then chancellor Gordon Brown, ‘set it free‘ in 1997.
Continue reading “The Role of the Bank of England”
The aim of the tax justice movement is a radical overhaul of the tax system, which it sees as unfair. However, the majority of people have a confused and—more importantly perhaps—an inaccurate idea of how tax works. Continue reading “The Tax Justice Movement”
The Left is afraid of tax cuts, largely because cutting taxes was historically an aspiration of the Right.
Boiled down to basics this was a reflection of the view that it wasn’t the government’s job to intervene (or interfere) in how we spent ‘our own money’. If we wanted to donate to good causes, such as the alleviation of poverty, well and good. If not, well the money was ours to dispose of as we saw fit.
Continue reading “Why is the Left afraid of tax cuts?”
MMT is conceptually simple. Once you’ve got it it seems odd that anyone could find it difficult. Nevertheless people often do have a bit of a struggle with it. I sympathise—so did I!
Continue reading “Questions, Questions!”
Rishi Sunak, our current Chancellor, took over the job when his predecessor, Sajid Javid, was in effect forced out. Sajid Javid was ‘fiscally conservative’—he believed in keeping a tight hold on the government’s purse strings. Rishi Sunak was then an unknown quantity, but he has since shown a contrasting willingness to distribute funds, in the form of the Covid-19 furlough scheme, pretty liberally—for a Conservative, anyway.
Continue reading “Is Rishi Sunak MMT-aware?”
We are all used to hearing politicians say ‘There’s no such thing as a magic money tree’, to explain why they can’t afford (for example) to improve public services.
Continue reading “Why ‘The Magic Money Tree’?”