Le Lézard
Classified in: Covid-19 virus
Subject: AVO

Our Money: MMT for State and Local Governments During COVID-19 Crisis


WASHINGTON, March 24, 2020 /PRNewswire/ -- During the COVID-19 crisis, state and local governments will inevitably come under great pressure to provide funding to attend to the urgent needs of constituents. Our Money urges state and local governments to be cognizant of the fact that the federal government is in a position to responsibly appropriate new money and disburse it to state and local governments to assist them in meeting constituents' needs, simply by issuing new money. Federal lawmakers are increasingly aware of the Modern Monetary Theory budgetary framework which tells us that the federal government, as a currency issuer, has this capacity. State and local officials should pressure Congress to provide federal money to state and local governments, with the knowledge that Congress need not raise taxes, nor make any interest payments it does not wish to make, in order to fund its spending.

State and local governments have a crucial advantage over the federal government because they can cater to the needs of their specific communities and are better positioned respond to the concerns of those communities. However, unlike the federal government, state and local governments do not have the capacity to issue money. This means that state and local governments are far more limited in their capacity to appropriate funding for their constituents' priorities, as doing so requires either raising taxes or issuing bonds with excessive interest attached. MMT explains that the federal government faces no such constraints and is only limited by the availability of real resources and inflation risk. State and local governments should not tolerate the federal government failing to provide needed funding to address the COVID-19 crisis, particularly so long as inflation is not an issue.

About Our Money

Our Money is a campaign which seeks to popularize an understanding of the importance of our public power of money creation and demand that it be used on behalf of the public to the fullest extent responsible, rather than diverted towards private interests.

______________________________

Contact for inquiries: 

Tomeka B. Scales, Ph.D.
Program Director 
Our Money

www.ourmoneyus.org
[email protected]

FB/IG/Twitter: @ourmoneyus

*Sign up for the Our Money email list to stay informed on our campaign.

SOURCE Our Money


These press releases may also interest you

at 10:45
The "PCR Markets. Forecasts for qPCR, dPCR, Singleplex & Multiplex Markets and by Application, Product and Place. With Executive and Consultant Guides, Including Customized Forecasting and Analysis. 2023 to 2027" report has been added to...

at 10:01
The Predictive Maintenance Market is estimated to grow from USD 10.6...

at 08:40
The "Global Cell Counting Market: Analysis By Product, By Application, By End-User, By Region Size, Trends and Forecast to 2029" report has been added to ResearchAndMarkets.com's offering. The global cell counting market was valued at US$9.98...

at 06:15
The "Global Immune Health Supplements Market - Outlook & Forecast 2023-2028" report has been added to  ResearchAndMarkets.com's offering. The global immune health supplements market was valued at $20.80 billion in 2022 and is expected to reach...

at 05:45
The Gross Law Firm issues the following notice to shareholders of Amplitude, Inc. . Shareholders who purchased shares of AMPL during...

at 05:45
The Gross Law Firm issues the following notice to shareholders of Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II ....



News published on and distributed by: