iiinova — where your digital self keeps evolving

One more related point here: Gov deficits are normal and expected, rather than something to be avoided.

Will Stancil @whstancil.bsky.social · 05/06/2026

Yeah, I think that’s fair, though I still disagree with you about the deflation stuff (labor market slack contributes to bad deflation, not good deflation). Key point is that in recent history there was additional room for fiscal expansion.

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I'm sorry but I just don't believe this is correct. An endorsement is a statement about what you believe. A vote is an effort to pick between one of several possible futures.

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The Private-Sector Can't Create Enough Demand On Its Own

Effective demand issue: Just because output could be higher doesn’t mean it will. Here’s a very simplified but nice summary of the issue: m.youtube.com/watch?v=1-Bs...

m.youtube.com

YouTube video by Deficit Owls

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Sam Levey @slevey.bsky.social · 04/06/2026

Empirically the wealth effect is known to be pretty small. Full cost pricing, as you’re describing, makes a lot of sense to me. But it’s important to note that it implies a downward sloping supply curve - not a standard approach, to be sure. Also, I think it still has the same

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Partly yes but really it’s a theoretical claim. The reason demand curves have a (gentle) downward slope in microeconomics is for two reasons: the substitution effect and the income effect. Neither of those make logical sense for the aggregate demand curve.

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Sam Levey @slevey.bsky.social · 03/06/2026

The model where MV is constant is a model where the aggregate demand curve slopes down (PY = constant is a hyperbola in P-Y space), but I’m saying it doesn’t slope down (it’s basically vertical).

In aggregate, demand curves basically do not slope down. (The income and substitution effects do not apply to the aggregate demand curve. To wealth effect does but is very small.)

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Note that I’m talking about output determination at constant productivity. Productivity gains, to first approximation, mean more output for the same labor input…hence if you had idle capacity beforehand, then you still have it after.

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That’s a lot of micro but not macro. If all prices fall then incomes are falling too, and so total spending (in nominal terms) also falls.

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Yes. Why would firms produce goods that customers aren’t going to buy?

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If you employ more workers to produce more output, to a first approximation, that doesn’t affect prices at all.

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Oh, I see, no, that’s not it. Excess capacity isn’t about productivity, it’s just about deficient demand. Not enough spending is happening to merit employing the whole labor force.

Sam Levey @slevey.bsky.social · 31/05/2026

Are you asking why we typically have about 2% inflation, and attributing it to gov spending? I’d say there’s a range over which demand can vary a fair bit without affecting inflation, and the baked-in inflation we have is based on wage norms and things like Baumol’s disease.

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Sam Levey @slevey.bsky.social · 31/05/2026

If good deflation means productivity-driven price decreases, I don’t see why you can’t have that at full employment.

Sam Levey @slevey.bsky.social · 31/05/2026

MMTers are not generally pro-inflation, but rather are of the belief that more often than not the economy is not actually at full employment, so there’s room to do more. Not that resource constraints don’t exist, but that in the recent past they haven’t actually been binding.

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jamelle @jamellebouie.net · 28/05/2026

ah the Peace President

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Chatham Harrison dba TRUMP DELENDUS EST @chathamharrison.bsky.social · 19/05/2026

There's no other word for it but degeneracy. Trump's mind has degenerated, his party has degenerated, his government has degenerated, & his cultural movement has degenerated. These are the floor sweepings of politics, placed on the highest pedestal more or less by accident.

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Will Stancil @whstancil.bsky.social · 28/04/2026

Liberalism is the unrelentingly radical belief that humans stand equal as brothers and sisters in a shared and open society, governed by laws and leaders of their own choosing, free to live lives of their own choosing, finding their own truth and fortune, vested with rights universal and inalienable

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Jameel Jaffer @jameeljaffer.bsky.social · 15/04/2026

We've come a long way from "those who are willing to trade their liberty for security will soon end up with neither."

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David Noll @david.noll.org · 15/04/2026

The next president's Attorney General needs to act with urgency to investigate and prosecute the crimes being committed to effectuate the mass deportation agenda.

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Alex Selby-Boothroyd @alexselbyb.bsky.social · 02/04/2026

Imagine causing more uncertainty than a global pandemic that killed millions www.economist.com/united-state...

Chart from The Economist showing the Economic Policy Uncertainty index in the US. There are two peaks, in 2020 and 2025

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John Bistline @bistline.bsky.social · 01/04/2026

This is my favorite climate change chart. Japanese monks, aristocrats, and emperors kept meticulous records of cherry blossom festivals for 1,200 years and accidentally built the world's longest climate dataset.

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rimidar @rimidar.au · 31/03/2026

The key to understanding Trump II is that it’s an administration predicated on doing a national murder-suicide for the crime of embarrassing Trump in 2020

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Stephen Wolf @stephenwolf.bsky.social · 28/03/2026

The Declaration of Independence specifies 27 grievances with King George III and Britain. Donald Trump and his regime have committed at least 20 of those same offenses highlighted in yellow. #NoKings

An image of a list of the 27 grievances against King George III in the Declaration of Independence. Donald Trump's regime has committed at least 20 of them in whole or in part, condensed into the list below:
1. He has refused his Assent to Laws, the most wholesome and necessary for the public good.
2. He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of representation …
3. He has dissolved Representative Houses repeatedly, for opposing … his invasions on the rights of the people.
4. He has endeavoured to prevent the population of these States; … obstructing the Laws for Naturalization of Foreigners …
5. He has obstructed the Administration of Justice …
6. He has made Judges dependent on his Will alone, for the tenure of their offices …
7. He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
8. He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.
9. He has affected to render the Military independent of and superior to the Civil power.
10. He has combined with others to subject us to a jurisdiction foreign to our constitution … giving his Assent to their Acts of pretended Legislation:
11. For Quartering large bodies of armed troops among us:
12. For protecting them … from punishment for any Murders which they should commit …
13. For cutting off our Trade with all parts of the world:
14. For imposing Taxes on us without our Consent:
15. For depriving us … of the benefits of Trial by Jury:
16. For transporting us beyond Seas to be tried for pretended offences:
17. For … abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:
18. He has abdicated Government here, by declaring us out of his Protection and waging War against us.
19. He has … destroyed the lives of our people.
20. He has excited domestic insurrections amongst us …

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Chris Hayes @chrislhayes.bsky.social · 27/03/2026

I really feel like we are at the dawn of an age in which truth, the simple facts of the matter, will be more valuable than ever and also less accessible than ever.

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Sam Levey @slevey.bsky.social · 25/03/2026

How do you move your arms? You just think about it and magically they move??