A Budget that Would Make Our Economy #BetterOff
|Written by Nicole Woo|
|Wednesday, 12 March 2014 14:37|
This morning, one of the largest caucuses in Congress, the Congressional Progressive Caucus, released the Better Off Budget. The headline numbers are impressive: 8.8 million jobs by 2017, and $4 trillion in deficit reduction over the next 10 years.
These provisions would bring our economy towards full employment, a concept that's gotten short shrift despite convincing arguments from economic experts that it's an essential goal for healing the economy. CEPR's Dean Baker and CBPP's Jared Bernstein wrote a book about it, and Brookings just released a brief that summarizes how acting against slack job markets improves economic and job growth, budget projections, as well as career prospects and living standards.
The Better Off Budget also includes more revenues from millionaires, billionaires, and corporations. One proposal is a financial transaction tax (FTT) on Wall Street trading to raise funds as well as "reduce reckless speculation." Dean Baker has long been one of the leading propnents of the FTT. Today Public Citizen released a report that shows how the FTT would cost ordinary investors a tiny amount compared to the fees and expenses they're already charged. And by reducing risky trading and smoothing markets, the FTT may actually help regular folks come out ahead.