Re: Full Employment is what?

[Bill Mitchell <ecwfm@xxxxxxxxxxxxxxxxxxxxxxx>]

Sven said

> If ELR is a federal
> program, and if the very responsible democrats on Capitol Hill join the
> president in cutting funds for ELR - then people will learn that the
> program is not reliable when you need it the most.


It HAS to be a federal program unless minting powers are given to units below
the federal level. I suspect that when that is widely appreciated a lot of the
budget issues will fade.

> I know no proponent of the ELR endorses fiscal prudence.

emotive term - fiscal prudence. Fiscal prudence is running an economy at
full employment and meeting the shortfall left by the uncoordinated
spending plans
of the private sector. there is nothing sacrosanct about a budget balance.
it should
be endogenous.

we can also truly see the government as an infinite life unit.

best wishes
bill
William F. Mitchell
Professor of Economics and Head of Department
Director, Centre of Full Employment and Equity
University of Newcastle
New South Wales, Australia
E-mail: ecwfm@xxxxxxxxxxxxxxxxxxxxxxx
Phone: +61-2-4921 5065
Fax:   +61-2-4921 6919
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WWW Home Page: http://e1.newcastle.edu.au/economics/bill/billeco.html