Benjamin Studebaker

Yet Another Attempt to Make the World a Better Place by Writing Things

Tag: MMT

Infrastructure Dreams and Living Nightmares

In recent weeks, there’s been a great deal of media attention on a train that derailed in Ohio. The derailment highlights a contradiction that has haunted American politics. On one hand, there is an increasingly vocal set of progressives and libertarians who have dreams of revitalizing American cities with big infrastructure projects. They want high-speed rail, fifteen minute cities, lots of cycling, walkable streets, and tall apartment buildings. These movements often rally around acronyms – YIMBY, NUMTOT, and the like. On the other hand, there is the infrastructure that actually exists in the United States. It’s crumbling, and it’s expensive to maintain, let alone replace. Between urbanist dreams and rusty realities there sits President Biden. Biden was faced with a pivotal decision. He could shore up the existing infrastructure, fighting back against the rust. He could commit America to a new paradigm, replacing what’s decaying with new ideas. He could not do both. He chose to do neither.

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Sarah Huckabee Sanders’ Bar Metaphor Is Really Stupid

A friend of mine recently sent me this clip of White House Press Secretary Sarah Huckabee Sanders attempting to defend President Trump’s “Cut Cut Cut” tax plan with an elaborate bar metaphor. Let’s call it the “Allegory of the Tab”:

A couple days later, my dad told me he heard someone bring this up, as if it were some kind of serious argument for Trump’s plan. I can’t let this stand. The Allegory of the Tab is too reductive, too simplistic, too brain-dead to pass without a post exclusively and entirely about how dumb it is.

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John Oliver Doesn’t Understand How Stein’s Student Debt Policy Works

Last Week Tonight‘s John Oliver recently ran a segment in which he slated Jill Stein’s proposal to eliminate student debt through quantitative easing:

His criticism seemed to suggest that the Federal Reserve is obviously irrelevant in this policy area:

It’s basically akin to saying, ‘I’ll make us energy independent by ordering the Post Office to invade Canada.’ No, Jill. That’s impractical, it’s a terrible idea, and you don’t seem to understand anything about it.

Oliver, who is usually quite perceptive and well-informed, gets this wrong, and he gets it wrong in no small part because monetary policy is complicated and difficult to understand, both in terms of the economics and in terms of the politics. So let’s talk about how Stein’s idea works.

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