A Recovery for the Top 10%
Pavlina Tcherneva was interviewed on the Real News Network about what’s behind the numbers in her chart (below) showing the increasingly inequitable distribution of income growth in US economic expansions–and what we can do about it.
Related: “Growth for Whom?“
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To improve the distribution of income we must repair the income-generating mechanism for the vast majority of Americans.
Actually, based on the information presented, that which MUST BE REPAIRED is the income-generating mechanism of the One Percent, which is the debt-contract based system of money, or money based on private capital markets.
The way to repair their income-generating mechanism is to take the money-issuance system back, and put it to work for the people that own it.
When you say ‘directly funding’, how do you mean?
Is it helicopter money?
Is it ‘money-printing’, a la Lerner?
Is it taxation?
Is it debt-financing?
Or, what exactly is it?
If its ‘money printing’, as assumed by Lerner based on a sovereign currency issuer, then, great, how do we do that?
If it’s debt financing, then the government will be paying a tax to the private banking system, the actual currency issuer under endogenous money ideas, for the use of its own money system.
If Lerner’s assumption is in effect, then there is no need to borrow for that spending. Public money seigniorage should fund the growing economy, rather than banker debt.
As Lerner indicated.