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Video dialog – In search of Full Employment With out Falling Prey to Neoliberal Traps – William Mitchell – Fashionable Financial Idea


Oct 31, 2023


Given I wrote an in depth CPI evaluation yesterday (Wednesday), I’m utilizing at present as if it was my Wednesday put up the place I cowl a variety of matters. I used to be criticised on social media final week for combining in final Wednesday’s put up – Launching the CofFEE Monetary Resilience Barometer – Model 1.0 (October 18, 2023) – scientific materials (the analysis venture outcomes) with commentary on the present scenario within the Center East (and music and so on). I used to be accused of attempting to drum up site visitors to the analysis website by together with an unrelated dialogue on a topical matter (the scenario). The purpose is that in my typical Wednesday put up I simply roam free and write about all method of matters that I’ve considered within the earlier week and which I don’t wish to commit a full put up too. I don’t play video games resembling clickbait and so on. Anyway, at present, I promote a video of a protracted interview I did in September that has simply been launched, speak about some framing points and supply the same old musical phase to calm us all down.

Video – In search of Full Employment With out Falling Prey to Neoliberal Traps

I recorded aon September 27, 2023, a reasonably lengthy interview with Lynn Fries, who’s an American Journalist producing video content material at International Political Financial system or – GPEnewsdocs – which relies in Geneva.

The conversations – In search of Full Employment With out Falling Prey to Neoliberal Traps – accommodates entry and a full transcript of the dialog.

The place in Kyoto the place I did the Zoom with Lynn wasn’t all that amenable to the duty however we did our greatest.

The traverse that I coated marks a number of the materials that may come out in one of many guide tasks I’m engaged on at current.

Right here is the YouTube stream of the edited dialog.

When public commentary undermines true function

I typically learn articles or hear media broadcasts the place the journalist has a sound message to impart to their readership however frames it in such a method that the message is misplaced in fiction – and a fiction that then places the reader offside.

An instance this week was this text within the Melbourne Age newspaper (October 24, 2023) – Hate all of the monster utes on our streets? Your tax {dollars} helped pay for them.

You may inform instantly from the title that there are two messages:

1. Too many four-wheel drive SUVs on the street shunting youngsters backwards and forwards to highschool every day.

2. Our taxes are someway ‘paying for them’.

The primary proposition is right and one thing must be completed about it.

The second proposition is pure fiction.

I ought to say on the outset that this specific journalist organises the 6-monthly forecasting panel of economists, which I was part of.

I give up earlier within the yr as a result of I used to be sick of the journalist soliciting my opinion after which ignoring it and giving precedence to the mainstream views, which have been misguided for my part.

Plainly the train was only a whitewashing and a promotion of the mainstream fictions that my career perpetuates.

So I’m not a fan of his writing in any respect and the issue is that he has a nationwide platform to pump out his story traces.

The proper facet of the story concerning taxes is that present federal tax coverage permits individuals to “write-off property like autos for tax functions” – to allow them to purchase huge SUVs and utility autos – after which write off important quantities towards their tax legal responsibility.

Thus the construction of taxation coverage supplies incentives to buy sure merchandise over different merchandise, which is only a assertion that taxes have an effect on relative costs and skew client decisions in the direction of comparatively cheaper items, different issues equal.

However to leap from that remark, which is right, to the following conclusion that:

These tax concessions come at a price to all of us. The $20,000 threshold, as an example, will end in taxpayers lacking out on virtually $700 million in income over the following two years … taxpayers now have a federal authorities shedding essential income by giving a tax break to a choose group of individuals …

The lack of potential tax income that arises from the subsidy (concession) is essentially irrelevant.

It’s not a ‘price’ to me or every other person who pays taxes.

It doesn’t constrain what the federal government can do on the spending facet, besides within the sense that it will increase non-government spending on costlier vehicles/vans, which can scale back the spare useful resource capability within the economic system.

The actual drawback of those SUV armies marauding the streets is the environmental impact.

1. They use far more petrol.

2. They take up extra space – at current there’s a demand that Requirements Australia, which defines requirements pertaining to issues resembling what a standard automobile parking house in public areas needs to be when it comes to dimension, ought to improve the ‘customary dimension’ to suit these large lumps of metallic.

Meaning extra land can be cleared in developments to fulfill the demand for automobile parking given much less vehicles will match within the present allotted areas.

3. They’re much heavier and injury the roads extra shortly requiring extra frequent upkeep.

4. The heaviness pertains to one other drawback – they’re dying machines in accidents as a result of their centre of gravity is greater and the momentum of their weight means they wipe out smaller vehicles and their drivers extra frequently when an accident between two smaller vehicles doesn’t wreak the identical injury and dying.

These are the explanation why the tax concessions are dysfunctional and needs to be deserted.

The concept that someway the primary drawback is that the federal authorities has much less tax income simply sidetracks us down the fictional sink gap that the federal authorities is financially constrained and is utilizing ‘our’ cash (as taxpayers) to offer the house owners of those monstrous autos are profit.

Episode 2 can be launched tomorrow – October 27, 2023

You may see what – The Smith Household – is as much as subsequent as they battle with themselves and the complexity of cash.

We left them on the finish of Episode 1 arguing about whether or not taxpayers fund authorities spending.

Kevin makes a discovery in Episode 2 that units his thoughts proper on the problem however brings him into extra battle along with his right-leaning father.

Music – Rolling Stones

One of many first bands I actually appreciated was the Rolling Stones (and likewise the unique Fleetwood Mac with Peter Inexperienced).

It’s wonderful that so a few years later they will nonetheless pump it out. It provides all of us ageing musicians hope (-:

So that they have simply launched a brand new album – Hackney Diamonds – which is their first unique materials album since 2005.

This observe – Candy Sounds of Heaven – which filmed reside at a membership in New York on October 19, 2023, is their devotion to – Charlie Watts – their drummer, who died on August 24, 2021.

It’s one other basic from the songwriting expertise of Mick Jagger and Keith Richard.

Mick Jagger and Girl Ga Ga are a bit excessive with their remonstrations however the music is nice.

That’s sufficient for at present!

(c) Copyright 2023 William Mitchell. All Rights Reserved.


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