Whoa, looks like a lot of conversation was spurred on by Campfire's misreading of my post.
Campfire, I am not an MMTer. I never said deficits do not matter (my personal belief is they probably do matter at some point under certain circumstances).
Here's what I said: "As a society, we should spend what we want and then use taxes to help with inequality. Taxes and government revenue are not a balance sheet."
That doesn't imply "deficits don't matter." Why? Because the result could also be a surplus. Or an actual balance. My argument is that targeting a situation where Revenues = Taxes (or G - T = 0) is stupid. We should provide what we need to provide as efficiently as possible, balance inequality with taxes. If something is still out of whack, we can always make further adjustments.
The only time I actually specifically referenced deficits is here: "Mind you, that doesn't bother me as I'm totally down with increased deficit spending
right now."
- Implied I'm not always for increased deficit spending.
"Or, you know, we can just run a deficit like we've pretty much always done. - statement of fact.
The other instances related to arguments Bernie could make (or others).
So yeah, I believe we should be increasing our deficits right now (directly through spending). That's Keynesian if anything.
Now, on to everybody else:
I meant there aren't enough people who makes over 250k to get to the revenue numbers that is required to fund that program* even if you introduce a >90% confiscatory tax bracket (which is something I support for different reasons).
I agree that dropping disposable income for the middle and lower classes is a bad idea, but I think with the ACA's mandate in place it should be something that we can avoid, no?
Right, I admitted the $250k was too high and was just typing too quickly. But of course, we don't have to only raise income taxes. Uncap SS/Medicare taxes. Raise capital gains, financial transaction tax, carbon tax, etc. Just target certain areas that aren't regular folks.
The ACA mandate will be eventually what, 2.5%? So it's close, I suppose. But poor people don't have to pay that (and a lot don't get medicaid).
My issue is more optics than policy, here. bernie simply isn't going to convince people to vote for him by promising to raise everyone's taxes. So don't. Just raise it elsewhere and let it play out. You can always raise later when the fundamentals are better.
* yeah, I'm sidestepping the question about whether our budget deficit is too high or if we couldn't get that money from somewhere else like cutting military spending (I think you know where I stand on both of those issues), I'm working within the framework of making the program revenue neutral.
Like I said, I don't care about the revenue neutrality of a plan. And Bernie can simply lie about it with fuzzy math like the GOPers do regarding dynamic scoring.
Dude struggles to explain democratic socialism to people, and then he'd also have to explain a fiat currency economy? fuuuck is that a tall order
No, he wouldn't have to at all. Just offer the plan, claim his taxes on the wealthy via X Y Z will cover it, and say the math works to be revenue neutral even when it doesn't. This is politics, not CBO training.
I respect your sensitivity to realpolitik, I really do - but I have problems when it's the primary concern and not the motivation or secondary concern.
I didn't explain myself properly (typing quickly on phone then). It's not that I cared about that, is that in my rush I was simply using the current top tax bracket when if I stopped to think about it I'd have put the number much lower. More like it happened out of force of habit, like when you turn off a light in a room forgetting that someone elseis there because usually some isn't!