Tuesday 28 July 2020

So, I Actually Hate the JG, Who Knew?

This is not rocket science, Brian (see also).

A recent exchange I had with online MMTer Brian Romanchuk -- from Canada -- about one of Chris Dillow’s posts turned out to be full of unsuspected revelations. Readers may find it as enlightening as I did.

Dillow, following Michal Kalecki’s famous 1943 essay “The Political Aspects of Full Employment”, argued that full employment (therefore a Job Guarantee) is unlikely in democratic capitalism.

(Arguably, the priority for so-called Keynesian economics should go to Kalecki and not to Keynes, at least if one believes Joan Robinson – probably the second name in the pantheon of “Keynesian” economists and contemporary of both men – and Prof. Bill Mitchell, one of MMT’s founders.)

Bear with me.

Saturday 25 July 2020

The Week that Was.

The talk of the week was the Economic and Fiscal Update delivered jointly last Thursday by federal Treasurer Josh Frydenberg and federal Minister for Finances Mathias Cormann.

The main figures? Here goes, courtesy of The New Daily:


And this:


Sunday 12 July 2020

A Good News Story.


Amid the public health and economic crisis, occasionally something happens to make an old socialist worker feel proud. You nurses are legends.


According to ABS (6302.0 - Average Weekly Earnings), last November full-time adult average weekly ordinary time earnings in Australia was $1,658.40 ($86K a year). Those working in the health care and social assistance industry, however, were paid less than that: $1,590.00 ($82K).

By comparison, the Australian Prime Minister’s annual salary was $540K.

Thursday 9 July 2020

Bits and Pieces: The Ghosts of Bushfires Past and Future (Updated)

Hopefully, the next and upcoming fire season in Australia will not be as devastating as the last one: there isn’t much left to burn.

That will not last, however.

In fact, those fires are still affecting many.

Meet the Firefighters Left Homeless After Battling Last Season’s Bushfires
By Vanessa Milton, Rosie King and Kerrin Thomas (ABC), June 4.

Burnt Out
By Stephanie March and Sashka Koloff with photography by Harriet Tatham (ABC). July 7.