Macro N Cheese

To unpack the confusion around the push for state-based vs federal programs, it’s necessary to understand the race to the bottom. So this is where Steve Grumbine begins his interview with Bill Black and Fadhel Kaboub. The inequities among the Eurozone nations have their parallel in the US. At both the global and national levels, the race to the bottom affects labor standards, environmental regulations, tax rates, and basic services. To understand this, we always turn to the MMT explanation of the difference between a currency issuer and a currency user. The federal government can afford to provide healthcare, infrastructure, environmental protection, childcare, and other necessary services. When it abdicates its responsibilities, it shifts the burdens to individuals who can't afford them as well as to states and municipalities who, by definition, don't have the resources and must compete with each other to attract businesses like fracking companies, pipelines, Amazon headquarters, or whatever they can get. W