MMTers want stability, so that's a red herring.
Stability? Yes, of course but for who? Government of course, the rich certainly, and banks absolutely.
But as for the rest of us? If by stability you mean acceptance of one's every devolving crap-devouring consumerist society? Then yes that type of stability too.
Now ask the bulk of retirees on fixed incomes how stable they feel. Ask people who have lost their jobs due to outsourcing how stable they feel. Ask people who depend on food stamps and fast (read "crap") food to feed their families how they feel.
They stopped offering pensions because businesses are greedy and 401ks/IRAs are cheaper.
Of course businesses are often greedy, typically those run as corporations who have to keep their stockholders happy with high dividends and stock resale values.
But pensions were of little concern during the era before MMT because they DID pay for themselves based on the high interests rates garnered from investing the funds. They became overly expensive when the burden of paying the benefits switched from the pension profits back to the businesses who had to honor the promised benefits.
MMT didn't erode savings account interest. The reason interest rates are so low is because our economy is struggling. Our economy is struggling because we aren't deploying our resources effectively. We aren't deploying our resources effectively because we either aren't deficit spending enough or because what we do push deficits for (like tax cuts on the rich) isn't actually helpful to the economy.
B.S.!
Interests rates are tied to the amount of money available to lend. Not much hard cash? Interest rates paid to depositors are high, and so are loan interest rates to cover both profits and interest payments to depositors. An abundance of hard cash? Then interest paid to depositor's is low because there is no need for banks to try to encourage them to keep their money in the bank.
Of course we should be concerned about rising cost of living and/or stagnant wages. Why is that MMTs fault? Answer: it's not. The money is drying up for most of us because it is becoming increasingly consolidated at the top. It's going somewhere, just not where we need it. You can thank our politicians and wealthy elite for that, not MMTers.
Why is it becoming increasingly consolidated at the top, even with the government's ability to literally print as much as they want?
Of course we can thank our politicians for that, because as I stated before the power to lend fiat money gives the Federal Reserve and the banking interests that control it tremendous power over our government that borrows it.
That is the real reason for all those bailouts we saw not too long past. That is why all our Presidents appoint those bank and investment insiders to Treasury and other government positions. :roll:
Cheaper goods is worth losing low-paying jobs. That's more globalization than MMT-specific.
What country are you from? The jobs lost were not all "low-paying." Many are and were the medium to high-paying production and manufacturing jobs, typically unionized like Steel production. The ones that used to be the heart of the Middle Class.
But even those low-paying" ones that have been outsourced to places like Bangladesh where the workers get paid $0.24 p/hr were done by U.S. garment workers paid
at least Federal Minimum wage of $7.25 p/hr.
Average hourly wage for garment workers: Bangladesh $0.24, Cambodia $0.45, Pakistan $0.52, Vietnam $0.53, China $1.26, tweets EurasiaGroup President Ian Bremmer.
Average hourly wage for garment workers: - Business Insider
At this point, i have to ask, what do you think MMT is?
Didn't I provide the wiki quote in my post? I guess not:
https://en.wikipedia.org/wiki/Modern_Monetary_Theory
Meanwhile,
I was asking our "economic brain trust" to provide the answer to that question.
People recognize that the system sucks, but layman that I am I would like to know the answers too. :shrug:
