Noah Smith interview with James Medlock

Author:: Noah Smith Link::https://noahpinion.substack.com/p/interview-james-medlock Tags:#media/article politics economics Summary::

• notes::
  • benefit of VAT tax as IN ADDITION to more progressive taxes (most common argument against them is that they are regressive but only partly true because overwhelmingly will affect rich more). It’s a huge boost to spending because a lot of cash flow comes in
    • James Medlock’s philosophy is that “taxes = good” (presumably because government gets to spend more and then provide more public goods to society). very influenced by Nordic countries policies
  • talk about superdole as a very effective unemployment reduction mechanism that was deployed during pandemic
    • https://www.jacobinmag.com/2020/12/superdole-stimulus-checks-covid-pandemic-unempoyment-congress-cares-act

      • The superdole had three primary components: first, it extended unemployment insurance beyond the normal twenty-six weeks, offering workers an additional thirteen weeks of coverage. Second, it upped the amount of money by $600 a week. Finally, it significantly broadened eligibility, including workers who judged their jobs too unsafe as well as independent contractors normally excluded from coverage.

      • On average, ==unemployment insurance replaces about 40 percent of lost wages, meaning a worker making $15anhour,orabout$600 a week before taxes, could normally expect about $240aweekinunemploymentinsurance.Onthesuperdole,thatsameworkerwouldpullin$840 a week.==

  • The current Nordic countries aren’t full socialism, but they still have quite high levels of social ownership, and I think it makes sense to look at these things on a continuum. I really like early Swedish social democrat Ernst Wigforss’ idea of the ”provisional utopiareference”, a sort of middle ground between dogmatic utopianism and incrementalism that loses sight of bigger goals. In a democracy I don't think you'll ever necessarily reach a pure end point, but I think it's really good and important to have a flexible utopian vision that provides a guide for incremental progress.

  • It’s hard not to find the whole thing really funny, people just getting fuming mad at a friendly pseudonymous guy with a Karl Polanyi avatar talking about how great taxes and welfare are. I don’t think that style will ever really crowd out being mad on the internet, but I do recommend it, tends to be a better way of convincing people of things in my experience.