I am often asked if MPs get modern monetary theory. Yesterday they had a chance to do so. Angus MacNeil MP hosted a meeting at which Stephanie Kelton spoke about The Deficit Myth. Forty one elected politicians joined. They came from across the political spectrum and also included representatives from Wales, Scotland and Northern Ireland. Plus me. I was given the chance to put some of the ideas in a more UK specific context.
Did they get it? I don't know. But we ran out of time for questions after 90 minutes.
Angus tweeted the event, so I can share it:
https://twitter.com/AngusMacNeilSNP/status/1280586935535390721
PS: Angus suggested in a response to my tweet of this blog that we do it again. I have accepted the invitation.
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Hi Richard, is it possible to view a recording of the session anywhere? I’d like to see which politicians had the intellectual curiosity to attend, what they asked and obviously learn a bit more myself at the same time.
I am not sure it was recorded
Sorry
But most of it was a fairly standard Stephanie presentation of the book
Thanks for posting this Richard. Is there any way to get on a mailing list so that when future such events happen we can badger our MPs to attend?
If we do more I will try to give advance notice, if permission is given
There is a plan for one in September, date not fixed as yet
I would certainly badger my MP (junior shadow minister) to attend, if notice were given.
Did you discuss the JG which she seems very keen on? One thing puzzles me. The JG acts like an automatic stabiliser, she says. When jobs go the government offers jobs at a reasonable wage, millions take up the offer, then when the economy picks up they all shoot back into the non-govt economy. So what happens to all those projects that they were delivering, “caring for our people, our communities, our planet”, and which people now rely on – except all or most of the workers have now disappeared to higher paid employment?
The aim is to provide good jobs – not the substitute style which Sunak will provide today
True, not the best paying jobs, but a living wage with benefits etc
So, there has to be competition for the private sector to win the jobs at full employment
If society still wants there tasks done then tax has to create the fiscal space for that to happen
Remember at full employment G = T
It can happen
Just not yet in my adult lifetime
Thanks. If he could now arrange one in Holyrood for the FM and others and at the same time give the last rites to the Growth Commission economics.
I have half-listened to a BBC Radio Scotland phone-in on the ‘budget’ this morning, with an ‘expert’ and a pensioner discussing government “borrowing”, which I think I can fairly decribe as standard household-budget piffle. It really is grim. It just goes on, and on, and on…….
All over the BBC
IFS doing it for Radio 4
‘One day someone is going to have to pay for this’ etc etc etc
A good start.
One of my suggestions for a blog post/YouTube video is about how we can change the ‘how are we going to pay for it?/tax & spend/household analogy’ mentality of the British public.
This was one of the biggest failings of Corbyn’s Labour imo.
I have not read ‘The Deficit Myth’ yet so apologies if this is covered therin.
It is high on the list…
Richard
Fascinating — Can you tell us more ?
We discussed MMT!
Good questions were asked, and I hope answered
Not much more to it than that
That’s a start. A journey of a 1,000 miles starts with one step.
Craig
Was Stephen Timms present at the meeting? Is it possible to get the names of all attendees? If so, constituents could be encouraged to write and ask their MP to give feedback and comments.
Stephen Timms was there
I do not have a list of all who were
I note that Annielese Dodds made the following mystifying overnight statement after attacks by the Tories that Labour was proposing wealth taxes:-
“I say to the government, if it does increase taxes during the recovery, and cuts back on the public services we all rely on, this will damage demand and inhibit our recovery. Labour is not calling for tax rises – we are calling for growth.”
https://labour.org.uk/press/anneliese-dodds-this-is-governments-last-chance-to-stem-job-losses/
The obvious response from the Tories as always is likely to be “Where’s the money coming from then for this growth of yours?” The perennial Catch-22 retort!
I’m assuming Dodds wasn’t at Stephanie Kelton’s presentation!
This feels to me like the Labour Party going nowhere yet again playing silly mind-games!
I think she was right to say this
She’s not saying don’t redistribute via tax
She is saying don’[t increase3 tax – she reiterated it at the Despatch Box today
And that is MMT compliant, surely?
Well done all who went to Westminster.
It is shocking that others have to explain sovereign currency production to the very people who are apparently in charge of it!!!!!
You couldn’t make it up.
Perhaps Stephanie, Angus and yourself could ‘gatecrash’ the BBC studios and explain it to them. The ‘taxes must rise to pay for this/we have to repay this’ narrative continues to be stated based on the few mins of a discussion I have just seen. Aaarrgghh!!!
Craig
That would be fun
Great work – Credit to Angus MacNeil for organising it. Lets hope its the start of a process and not a one-off
Angus, Stephanie and I all hope for more
And as you know, I’m hopeless at commitment and seeing things through but they’re pretty good….
Hi Richard, this discussion amongst MPs from across the UK and MSPs is really good news. Unfortunately it wasn’t recorded. I have asked Angus MacNeil for a list of attendees by Twitter but he hasn’t responded as yet. I know you said that you haven’t a full list of who took part and I noted that you said Stephen Timms was there. I would be grateful if you could let us know who else you can recall being present or prompt Angus to make the list public. Regards, James
I can ask Angus
Thank you.