Stephanie Kelton

"It's called the Green New Deal. It envisions a carbon-zero economy by the middle of the century and a transformation of the American economy and, indeed, society. Some people call it a socialist monster; some people call it our only hope for survival in the way of life we hold dear." That was how Chris Hayes introduced Alexandria Ocasio-Cortez, the youngest woman to ever represent a district in the United States Congress, at the beginning of their Bronx town hall on the Green New Deal Friday evening.

When Trump nominated crackpot Stephen Moore for a spot on the Fed, I was shocked. That's even a crazy move for Trump. What was I missing? I asked the smartest economist I know, Stephanie Kelton. All she would say is that "It’s not an inspired choice, to say the least. Paul McCulley would have been an inspired choice." Conservative economist Greg Mankiw was considerably more forthcoming on his thoughts about the nomination.Mankiw isn't famous because he teaches economics at Harvard, though he does.

Nancy Pelosi by Nancy OhanianImmediately after Pelosi took over as Speaker, she and her leadership team insisted on ramming through a rule that will likely cripple any big-thinking progressive proposals like the Green New Deal, Medicare-For-All, free public college, etc.

Washington Post columnist Paul Waldman thinks the media Is badly botching the Medicare-For-All debate. He's correct.

Yesterday, The Washington Post introduced us to a sad new feature of its 2020 coverage, The Post 2020 Power Ranking. Karen Tumulty, the moderator, noted that her "pick for the most interesting candidate-to-be is Sen. Sherrod Brown (D-OH).

I wish that crazy Trump would just settle down and go spend his days playing golf again so AOC could get Congress working on a sensible agenda. You know who's work I'm really enjoying? Eric Levitz at New York Magazine. Once a poetry lecturer at Johns Hopkins, this guy has been writing excellent essays on the nexus of where politics meets the world of finance.

Pretty and colorful as it is, that tweet from Professor Kelton isn't embedded as a decoration for the page. She's making an important point, more aggressively-- and beyond-- what Elizabeth Warren said in her famous first Senate campaign house-party, namely that "there is nobody in this country who got rich on his own; nobody.

As I've been explaining, Alexandria Ocasio-Cortez's 60-70% marginal tax rate on all annual income over $10,000,000 would struggle be be called moderate. It's actually quite conservative. How many people have annual incomes of over $10,000,000? And those very few people who do, would only have to pay the 60-70% rate on the income over $10,000,000. That threshold is absurd and should be down around $800,000 (with perhaps a 40% rate) then rise to a million dollars with a 50% rate and climb gradually (rates increasing) towards $5 million will the top rate-- 80% kicks in.

Not a popular position in Congress-- but OUTSIDE the Beltway...I have to admit I stopped watching 60 Minutes quite a few decades ago. But I don't remember it being a place where they spotlighted too many members of the House, let alone a freshman who was on her first week in the House.

Reports have it that Trump wants Jim Webb as Defense Secretary. He might even make a good Defense Secretary (or a lousy one; I don't know) but I think the two prima donnas deserve each other.