https://youtu.be/iGRZJeE7gKw
now is have uh Stephanie Kelton come up and introduce her film that we are going to move into the auditorium to hear and to watch immediately thereafter so Stephanie Kelton is a professor at Stonybrook she's a Sanders Institute fellow and a wonderful human being and very talented so thank you for coming welcome.
kelton:
thank you so much uh thank you to Jane and Dave and Bernie it is so nice to be back in Burlington for a second and I hope second of many to come Gatherings of this kind um I we've heard some electric speakers today yes electrifying I was going to be electrifying and then Sarah Nelson gave me a benad dril to help with my allergies and now I'm going to go take a nap so look this is this is great I love this because I feel like I'm at home when I come into a room filled with people like you big thinkers when I worked briefly for Senator Sanders in the Senate I remember he would come in we would have staff meetings he would sit down and he would always start by asking the staffers what should we be doing what should we be doing he he wanted to hear from us and then he would say I want you to think big not small people were suffering people are suffering and he was so intensely sensitive to the suffering going on across this country and around the world and he didn't want us to Tinker at the edges and nibble away at the problem in ways that would make life less bad for people he wanted real improvements material improvements in people's uh lives lives and I had so much respect for that and I have enormous respect for the people who come to Gatherings like this to bring their big ideas to share thoughts about what we can do to make meaningful change in this country and so you know I am in this fight with you both as an academic writing about things like poverty inequality Social Security joblessness the climate the Federal Reserve fiscal policy but I'm also something of an agitator and I hope that that will come through when we get an opportunity and I hope you'll join us and and go next door for this documentary because when I look at the problems that we're facing and I ask myself what can I bring to the fight right what can I contribute what can I offer I think because of my training as a macroeconomist and with expertise and finance and the monetary system and those sorts of things these are issues of such import importance but so many people don't understand them it seems too complicated we've heard and we talked just now about the media and the role of the media and I'll say it I think the population has been indoctrinated I think we've been misinformed ill-informed lied to about what our capacity to do in terms of Congress Federal legislation fiscal policy the fword that for too long we put in the box and we didn't talk talk about fiscal policy we just said it's the federal reserve's job it's monetary policy whatever goes wrong in the economy the Federal Reserve is supposed to fix it unemployment inflation maintaining a healthy labor market and so forth I think monetary policy is the weak te it is the weakest tool and it probably doesn't work the way they think it works the powerful tool is fiscal policy and we've got to get comfortable with the idea of using the FW again and I think covid did so much to remind us of the relative power of monetary and fiscal policy it's fiscal policy is where it is at remember the Great Recession the financial crisis the implosion of the housing market with the subprime mortgages and all of the fraud that ran through the system that was a crisis the downturn was as severe as anything we had experienced since the Great Depression we lost lost about 9 million jobs it took roughly 7 years to claw them all back we got scared of the F-word of fiscal policy we saw the deficit increase the national media told us we had a debt crisis we were going to end up like Greece we were burdening future Generations the grandchildren would have a heavy bill to pay because of the spending that was done to deal in part with the crisis but we didn't deal with the crisis we got the Simpson bowls commission the cat food commission as I like to call it that would have cut Social Security Medicare the sequester with the caps on spending we had a very anemic recovery that didn't feel like a recovery for millions and millions of people when the jobs finally came back we know now that they were inferior to the jobs that were lost in almost every single case as the jobs were restored they were lower wage and lower hour jobs people were worse off not better off as the jobs came back and when Barack Obama was asked well H how are we going to deal with rescuing the economy Shoring up people's lives and livelihoods can we afford it he said and I quote we're out of money we're out of money that was at the start of his first term in office and it was like a punch in the gut for me because I knew how wrong that was we were not out of money we get John uh we get Donald Trump right after Obama's eight years we get Donald Trump as president what are the Republicans coming and do cut taxes they don't care about the fiscal or budgetary impacts they want to pass their agenda so we get sweeping tax cuts CBO says the tax cuts will add 1.9 trillion to the deficit Republicans shrug and say who cares on the other side of the government deficit lies a financial windfall for somebody else every deficit is good for someone the question is for whom and for what right and that's something that the media doesn't remind us of and so I would hope that we can learn that lesson so move on from Donald Trump Here Comes covid we've been told that because of the Republican tax cuts there won't be any money to do anything if we Face a crisis in the future if the economy slows down if there's a war there is no money because the Republicans let it all go with their tax cuts big lie huge lie repeated by many Democrats including former treasury secretaries well how do we know it was a lie because covid happened and when covid happened Donald Trump is President Democrats have the house I'm sorry Democrats have the House Republicans have the Senate and what do they do March of 2020 a $2.2 trillion fiscal package called the cares act sent money to most families in this country unemployment Ben benefits at 600 bucks a week a week 2400 a month some people in this country millions in fact had more money unemployed than they ever had working in their lives many for the first time reached the end of the month with money left in the bank they were able to save something for the first time in their lives fiscal policy fiscal policy months later in December a $900 billion fiscal package follow followed in March of 2021 Democrats only passing the American Rescue plan act $ 1.9 trillion add those three numbers together what do you get $5 trillion do going out the door in 12 months time incredible we cut child poverty by roughly 40% and you can talk on and on about the benefits because every deficit is good for someone the question is for whom and where does the windfall on the other side of the government deficit go in March of 2021 it went to the bottom 99% of people living in this country that's who it helped the Republicans did 1.9 trillion with their tax cuts where did it go 83% of the benefits went to people in the top 1% of the income distribution it's not about the deficit and whether you have it or don't have it every deficit is good for someone who benefits and what are those deficits being used to accomplish now we're using the deficit to do infrastructure the bipartisan infrastructure Bill the chips and science Act and the inflation reduction act the biggest climate legislation we've ever had all three pieces of legislation are powering this economy forward is it working for everyone no no and we spent the whole day talking about acute problems in this economy in housing and health care and everything else is it working for everyone no but is there a better tool to deploy in the interest of rebuilding repairing this economy and creating one that works for everyone no there is not there is no alternative to using fiscal policy and so I uh ended up being the subject of a documentary I didn't realize it at the time I was just asked to sit for a few interviews which I agreed to do I didn't know and maybe the filmm maker didn't know either that she would end up putting together a film that revolved largely around my intellectual Journey because it took me a while to arrive at the place where I understood things the way I do today and so I invite you to go next door where the director of the film has a short video her name is maren pess she's going to in introduce the film and then I feel really um happy and privileged to be joined for the Q&A uh by Josh Farley who's a professor here at the University of Vermont professor of uh ecological economics ICS so all of the hard questions go to him and I would love to walk next door with you and watch the film thank you so much [Applause]
では、ステファニー・ケルトンさんに来ていただき、彼女の映画を紹介していただきます。その後すぐに講堂に移動して、この映画を聞き、鑑賞していただきます。ステファニー・ケルトンさんはストーニーブルック大学の教授で、サンダース研究所のフェローであり、素晴らしい人間であり、非常に才能のある方です。お越しいただき、ありがとうございます。ようこそ。
ケルトン:
ジェーン、デイブ、バーニー、本当にありがとう。バーリントンにまた戻ってこれて本当に嬉しい。これからもこのような集まりがたくさんあるといいな。今日はエレクトリックスピーカーの音を聞きました。そう、感動的でした。感動的になるつもりだったのですが、サラ・ネルソンがアレルギーに効くベナドドリルをくれました。今は昼寝をします。ほら、これは素晴らしい。あなた方のような大きな考えを持つ人たちでいっぱいの部屋に入ると、まるで家にいるような気分になるので大好きです。上院でサンダース上院議員の下で短期間働いていたとき、彼がやって来てスタッフ会議をしていたのを覚えています。彼はいつもスタッフに、私たちは何をすべきか、私たちは何をすべきか、と尋ねることから始めました。彼は私たちの話を聞きたがり、そして「小さくではなく大きく考えてほしい。人々は苦しんでいる。人々は苦しんでいる。彼はこの国中、そして世界中で起こっている苦しみに非常に敏感で、私たちが端っこでいじくり回すことを望んでいなかった」と言いました。そして、人々の生活が少しでも良くなるように問題を少しずつ解決していくこと、人々の生活の実質的な改善を望んでいました。私はそのことにとても敬意を抱いていましたし、このような集会に集まって、この国で意味のある変化を起こすために何ができるかについて意見を出し合う大きなアイデアを持ち寄る人々をとても尊敬しています。ですから、私は貧困、不平等、社会保障、失業、気候、連邦準備制度の財政政策などについて書いている学者として、あなた方お二人と一緒にこの戦いに参画していますが、私はある種の扇動者でもあります。機会があればそれが実現することを願っています。皆さんも参加して、このドキュメンタリーのために隣に行ってくれることを願っています。なぜなら、私たちが直面している問題を見て、自分自身に、この戦いに何をもたらすことができるのか、何に貢献できるのか、何を提供できるのかと尋ねるからです。私はマクロ経済学者としての訓練を受けており、専門知識と金融と通貨システムなどを持っているので、これらは非常に重要な問題ですが、多くの人が理解していません。複雑すぎるように思えます。私たちはメディアと金融について聞いており、今話しました。メディアの役割について、私はこう言います。国民は洗脳されてきたと思います。議会、連邦立法、財政政策に関して、我々が何ができるかについて、誤った情報、誤った情報、嘘をつかれてきたと思います。長い間、我々はそれを箱に入れて、財政政策について話しませんでした。我々は、それは連邦準備制度の仕事であり、金融政策だと言っていました。経済で何がうまくいかなくても、連邦準備制度がそれを解決することになっています。失業、インフレ、健全な労働市場の維持などです。金融政策は最も弱いツールであり、彼らが考えているようには機能しないでしょう。強力なツールは財政政策であり、我々は再び財政政策を使用するという考えに慣れなければなりません。そして、コロナ禍は金融政策と財政政策の相対的な力を私たちに思い起こさせるのに大いに役立ったと思います。財政政策こそが重要なのです。大不況、金融危機、サブプライム住宅ローンによる住宅市場の崩壊、そしてシステムを駆け巡ったあらゆる詐欺を思い出してください。それは危機でした。景気後退は大恐慌以来経験したことのないほど深刻でした。私たちは約900万人の雇用を失い、それをすべて取り戻すのに約7年かかりました。私たちは財政政策のFワードに怯え、赤字が増加し、全国メディアは債務危機があり、ギリシャのようになるだろうと伝え、将来の世代に負担をかけている、孫たちが重い請求書を支払うことになるだろうと言いました。危機に対処するために行われた支出のせいで、危機に対処しなかったため、シンプソンボウル委員会、私が好んで呼ぶキャットフード委員会が設立され、社会保障やメディケアが削減され、支出上限を伴う歳出削減が行われ、非常に貧弱な回復となり、何百万人もの人々にとって回復したとは感じられませんでした。雇用がようやく戻ってきた時、失われた雇用よりも劣っていたことが今ではわかっています。雇用が回復すると、賃金が低く、労働時間の短い仕事になり、人々は雇用が戻るにつれて良くなるどころか、悪化しました。バラク・オバマは、経済を救済し、人々の生活と暮らしを支えるためにどう取り組むのかと尋ねられたとき、お金がなくなった、お金がなくなったと答えました。これは彼の最初の任期の初めのことでした。それは私にとって腹を殴られたような衝撃でした。それがいかに間違っていたかわかっていたからです。お金がなくなったわけではありません。ジョン・エヴァンズ・オバマの8年間の直後にドナルド・トランプが大統領になりました。共和党は減税をするのか、彼らは財政や予算への影響を気にしない、彼らは自分たちの政策を通したいので、私たちは大規模な減税を受けることになります。CBOは減税により1.9兆ドルの赤字が増えると述べています。共和党は肩をすくめて、政府の赤字の反対側など誰が気にするのかと言います。嘘は、誰か他の人にとっては思いがけない利益になる。すべての赤字は誰かにとって良いことだ。問題は、誰にとって、何の権利なのかということであり、それはメディアが私たちに思い出させないことであり、ですから私は私たちがその教訓を学べることを望みます。ドナルド・トランプから先に進みましょう。コロナウイルスがやってくる。共和党の減税のせいで、将来危機に直面しても何もするお金がないと言われている。経済が減速し、戦争が起きてもお金がない。共和党が減税ですべてを放置したからお金がない。これは大きな嘘、元財務長官を含む多くの民主党員によって繰り返される大きな嘘。コロナウイルスが発生したから、そしてコロナウイルスがいつ発生したから、それが嘘だったとどうやってわかるのか。ドナルド・トランプは大統領だ。民主党は下院を持っている。申し訳ありませんが、民主党は下院を持っている。共和党は上院を持っている。彼らは何をするのか。2020年3月。2.2兆ドルの財政パッケージ、いわゆるCARES法は、この国のほとんどの家庭にお金を送りました。失業手当は週600ドル、月2400ドルで、この国では何百万人もの人が失業中にこれまでの人生で働いた時よりも多くのお金を稼いでいます。多くの人が初めて月末に銀行にお金が残っている状態で迎え、人生で初めて何かを貯めることができました。財政政策財政政策数か月後の12月には9000億ドルの財政パッケージが続き、2021年3月には民主党がアメリカ救済計画法案を可決しただけで、1.9兆ドルです。この3つの数字を合計すると、12か月後に5兆ドルが出て行きます。信じられないことですが、子供の貧困を約40%削減しました。給付金についていくらでも話せます。なぜなら、すべての赤字は誰かにとって良いものだからです。問題は、政府の赤字の反対側にある臨時収入が誰のために、どこに行くのかということです。2021年3月、それはこの国に住む最下層の99%の人々に渡りました。誰を助けたのか
共和党は減税で1兆9000億ドルを支出したが、そのお金はどこに行ったのか 恩恵の83%は所得分布の上位1%の人々に渡った 問題は財政赤字や財政赤字があるかないかではない すべての赤字は恩恵を受ける人にとって良いものであり、その赤字は何を達成するために使われているのか 今、私たちは財政赤字をインフラ整備に利用している 超党派インフラ法案 チップと科学法案 インフレ抑制法案 史上最大の気候変動法案 この3つの法案はいずれもこの経済を前進させている 誰にとっても効果があるのか いいえ、いいえ 私たちは一日中、住宅や医療など経済の深刻な問題について話し合いました 誰にとっても効果があるのか いいえ、しかしこの経済を再建し、修復し、誰にとっても効果がある経済を作るために展開するより良い手段があるのでしょうか いいえ、ありません 財政政策以外に選択肢はありません そして私はドキュメンタリーの題材になってしまいました その時は気づかなかったのですが インタビューに数回答えてほしいと頼まれ、同意しただけです彼女が私の知的旅を中心にした映画を作り上げることになるとは、私も知らなかったし、おそらく映画製作者も知らなかったでしょう。なぜなら、私が今のように物事を理解するようになるまでには、しばらく時間がかかったからです。それで、皆さんを隣の部屋へお連れします。そこでは、映画の監督であるマレン・ペスが短いビデオを持っていて、映画を紹介してくれます。その後、ジョシュ・ファーリーが質疑応答に参加してくれることをとても嬉しく光栄に思います。彼はバーモント大学の教授で、生態経済学の教授です。難しい質問はすべて彼に聞いてください。皆さんと一緒に隣の部屋へ行き、映画を観たいと思っています。どうもありがとうございます。[拍手]
減税で9兆円はどこへ行ったのか。恩恵の83%は所得分布の上位1%の人々に渡った。問題は財政赤字や財政赤字があるかないかではない。すべての赤字は恩恵を受ける人にとって良いものであり、その赤字は何を達成するために使われているのか。現在、我々はインフラ整備に赤字を利用している。超党派インフラ法案、半導体・科学法案、インフレ抑制法案、史上最大の気候変動法案。これら3つの法案はいずれもこの経済を前進させている。それは皆のために機能しているのか。いいえ、いいえ。我々は一日中、住宅や医療など経済の深刻な問題について話し合いました。それは皆のために機能しているのか。いいえ、しかし、この経済を再建し、修復し、皆のために機能する経済を作るために展開するより良い手段があるのでしょうか。いいえ、ありません。財政政策以外に選択肢はありません。それで私はドキュメンタリーの題材になってしまいました。その時は気づきませんでした。インタビューに数回答えるよう頼まれただけで、同意しました。おそらく映画監督も、私の知的旅を中心にした映画を制作することになるとは思っていなかったでしょう。なぜなら、私が今のように物事を理解するようになるまでには、しばらく時間がかかったからです。そこで、皆さんを隣の部屋へお連れします。そこでは、映画の監督であるマレン・ペスが短いビデオを上映しています。彼女が映画を紹介する予定です。その後、ジョシュ・ファーリーが質疑応答に加わってくれることをとてもうれしく光栄に思います。彼はバーモント大学の教授で、生態経済学の教授です。難しい質問はすべて彼に聞いてください。皆さんと一緒に隣の部屋へ行き、映画を観たいと思っています。どうもありがとうございます。[拍手]
0:00now is have uh Stephanie Kelton come up
0:03and introduce her film that we are going
0:06to move into the auditorium to hear and
0:10to watch immediately thereafter so
0:13Stephanie Kelton is a professor at
0:17Stonybrook she's a Sanders Institute
0:20fellow and a wonderful human being and
0:23very talented so thank you for coming
0:26welcome
0:30thank you so much uh thank you to Jane
0:33and Dave and Bernie it is so nice to be
0:36back in Burlington for a second and I
0:39hope second of many to come Gatherings
0:42of this kind um I we've heard some
0:45electric speakers today yes
0:49electrifying I was going to be
0:52electrifying and then Sarah Nelson gave
0:55me a benad dril to help with my
0:58allergies and now I'm going to go take a
1:02nap so look this is this is great I love
1:06this because I feel like I'm at home
1:08when I come into a room filled with
1:10people like you big thinkers when I
1:13worked briefly for Senator Sanders in
1:15the Senate I remember he would come in
1:18we would have staff meetings he would
1:19sit down and he would always start by
1:22asking the
1:24staffers what should we be doing what
1:27should we be doing he he wanted to hear
1:30from us and then he would say I want you
1:33to think big not small people were
1:36suffering people are suffering and he
1:38was so intensely sensitive to the
1:42suffering going on across this country
1:44and around the world and he didn't want
1:46us to Tinker at the edges and nibble
1:49away at the problem in ways that would
1:51make life less bad for people he wanted
1:54real improvements material improvements
1:58in people's uh lives lives and I had so
2:01much respect for that and I have
2:03enormous respect for the people who come
2:05to Gatherings like this to bring their
2:07big ideas to share thoughts about what
2:11we can do to make meaningful change in
2:13this country and so you know I am in
2:17this fight with you both as an academic
2:20writing about things like poverty
2:22inequality Social Security joblessness
2:25the climate the Federal Reserve fiscal
2:28policy but I'm also something of an
2:31agitator and I hope that that will come
2:34through when we get an opportunity and I
2:36hope you'll join us and and go next door
2:38for this documentary because when I look
2:42at the problems that we're facing and I
2:44ask myself what can I bring to the fight
2:46right what can I contribute what can I
2:48offer I think because of my training as
2:51a macroeconomist and with expertise and
2:54finance and the monetary system and
2:56those sorts of things these are issues
2:58of such import importance but so many
3:01people don't understand them it seems
3:03too complicated we've heard and we
3:05talked just now about the media and the
3:07role of the media and I'll say it I
3:10think the population has been
3:11indoctrinated I think we've been
3:14misinformed ill-informed lied to about
3:18what our capacity to do in terms of
3:22Congress Federal legislation fiscal
3:25policy the fword that for too long we
3:28put in the box and we didn't talk talk
3:29about fiscal policy we just said it's
3:32the federal reserve's job it's monetary
3:34policy whatever goes wrong in the
3:36economy the Federal Reserve is supposed
3:38to fix it unemployment inflation
3:42maintaining a healthy labor market and
3:43so forth I think monetary policy is the
3:46weak te it is the weakest tool and it
3:49probably doesn't work the way they think
3:51it works the powerful tool is fiscal
3:54policy and we've got to get comfortable
3:57with the idea of using the FW again and
4:00I think covid did so much to remind us
4:04of the relative power of monetary and
4:07fiscal policy it's fiscal policy is
4:09where it is at remember the Great
4:13Recession the financial crisis the
4:15implosion of the housing market with the
4:17subprime mortgages and all of the fraud
4:20that ran through the system that was a
4:23crisis the downturn was as severe as
4:25anything we had experienced since the
4:27Great Depression we lost lost about 9
4:30million jobs it took roughly 7 years to
4:34claw them all back we got scared of the
4:37F-word of fiscal policy we saw the
4:40deficit increase the national media told
4:43us we had a debt crisis we were going to
4:45end up like Greece we were burdening
4:47future Generations the grandchildren
4:49would have a heavy bill to pay because
4:52of the spending that was done to deal in
4:54part with the crisis but we didn't deal
4:57with the crisis we got the Simpson bowls
5:00commission the cat food commission as I
5:03like to call it that would have cut
5:05Social Security Medicare the sequester
5:09with the caps on spending we had a very
5:11anemic recovery that didn't feel like a
5:15recovery for millions and millions of
5:16people when the jobs finally came back
5:18we know now that they were inferior to
5:21the jobs that were lost in almost every
5:23single case as the jobs were restored
5:26they were lower wage and lower hour jobs
5:29people were worse off not better off as
5:31the jobs came back and when Barack Obama
5:35was asked well H how are we going to
5:37deal with rescuing the economy Shoring
5:40up people's lives and livelihoods can we
5:43afford it he said and I quote we're out
5:46of money we're out of money that was at
5:49the start of his first term in office
5:51and it was like a punch in the gut for
5:53me because I knew how wrong that was we
5:57were not out of money we get John uh we
6:01get Donald Trump right after Obama's
6:04eight years we get Donald Trump as
6:06president what are the Republicans
6:07coming and
6:08do cut taxes they don't care about the
6:11fiscal or budgetary impacts they want to
6:14pass their agenda so we get sweeping tax
6:17cuts CBO says the tax cuts will add 1.9
6:20trillion to the deficit Republicans
6:22shrug and say who cares on the other
6:24side of the government deficit lies a
6:26financial windfall for somebody else
6:29every deficit is good for someone the
6:31question is for whom and for what right
6:34and that's something that the media
6:36doesn't remind us of and so I would hope
6:39that we can learn that lesson so move on
6:42from Donald Trump Here Comes covid we've
6:44been told that because of the Republican
6:46tax cuts there won't be any money to do
6:48anything if we Face a crisis in the
6:50future if the economy slows down if
6:53there's a war there is no money because
6:55the Republicans let it all go with their
6:57tax cuts big lie huge lie repeated by
7:01many Democrats including former treasury
7:04secretaries well how do we know it was a
7:06lie because covid happened and when
7:10covid happened Donald Trump is President
7:13Democrats have the house I'm sorry
7:15Democrats have the House Republicans
7:16have the Senate and what do they do
7:18March of 2020 a $2.2 trillion fiscal
7:23package called the cares act sent money
7:26to most families in this country
7:28unemployment Ben benefits at 600 bucks a
7:31week a week 2400 a month some people in
7:34this country millions in fact had more
7:37money
7:38unemployed than they ever had working in
7:41their lives many for the first time
7:43reached the end of the month with money
7:45left in the bank they were able to save
7:47something for the first time in their
7:49lives fiscal policy fiscal
7:53policy months later in December a $900
7:57billion fiscal package follow followed
7:59in March of 2021 Democrats only passing
8:03the American Rescue plan act $ 1.9
8:07trillion add those three numbers
8:09together what do you get $5 trillion do
8:12going out the door in 12 months time
8:16incredible we cut child poverty by
8:19roughly 40% and you can talk on and on
8:22about the benefits because every deficit
8:24is good for someone the question is for
8:26whom and where does the windfall on the
8:29other side of the government deficit go
8:32in March of 2021 it went to the bottom
8:3599% of people living in this country
8:38that's who it helped the Republicans did
8:401.9 trillion with their tax cuts where
8:43did it go 83% of the benefits went to
8:45people in the top 1% of the income
8:47distribution it's not about the deficit
8:50and whether you have it or don't have it
8:52every deficit is good for someone who
8:55benefits and what are those deficits
8:57being used to accomplish now we're using
9:00the deficit to do infrastructure the
9:02bipartisan infrastructure Bill the chips
9:05and science Act and the inflation
9:07reduction act the biggest climate
9:09legislation we've ever had all three
9:11pieces of legislation are powering this
9:14economy forward is it working for
9:16everyone no no and we spent the whole
9:19day talking about acute problems in this
9:22economy in housing and health care and
9:24everything else is it working for
9:26everyone no but is there a better tool
9:30to deploy in the interest of rebuilding
9:34repairing this economy and creating one
9:37that works for everyone no there is not
9:39there is no alternative to using fiscal
9:42policy and so I uh ended up being the
9:45subject of a documentary I didn't
9:46realize it at the time I was just asked
9:48to sit for a few interviews which I
9:50agreed to do I didn't know and maybe the
9:52filmm maker didn't know either that she
9:55would end up putting together a film
9:57that revolved largely around my
9:59intellectual Journey because it took me
10:01a while to arrive at the place where I
10:03understood things the way I do today and
10:06so I invite you to go next door where
10:10the director of the film has a short
10:12video her name is maren pess she's going
10:14to in introduce the film and then I feel
10:17really um happy and privileged to be
10:21joined for the Q&A uh by Josh Farley
10:24who's a professor here at the University
10:26of Vermont professor of uh ecological
10:28economics ICS so all of the hard
10:30questions go to him and I would love to
10:34walk next door with you and watch the
10:35film thank you so much
10:38[Applause]
now is have uh Stephanie Kelton come up and introduce her film that we are going to move into the auditorium to hear and to watch immediately thereafter so Stephanie Kelton is a professor at Stonybrook she's a Sanders Institute fellow and a wonderful human being and very talented so thank you for coming welcome.
kelton:
thank you so much uh thank you to Jane and Dave and Bernie it is so nice to be back in Burlington for a second and I hope second of many to come Gatherings of this kind um I we've heard some electric speakers today yes electrifying I was going to be electrifying and then Sarah Nelson gave me a benad dril to help with my allergies and now I'm going to go take a nap so look this is this is great I love this because I feel like I'm at home when I come into a room filled with people like you big thinkers when I worked briefly for Senator Sanders in the Senate I remember he would come in we would have staff meetings he would sit down and he would always start by asking the staffers what should we be doing what should we be doing he he wanted to hear from us and then he would say I want you to think big not small people were suffering people are suffering and he was so intensely sensitive to the suffering going on across this country and around the world and he didn't want us to Tinker at the edges and nibble away at the problem in ways that would make life less bad for people he wanted real improvements material improvements in people's uh lives lives and I had so much respect for that and I have enormous respect for the people who come to Gatherings like this to bring their big ideas to share thoughts about what we can do to make meaningful change in this country and so you know I am in this fight with you both as an academic writing about things like poverty inequality Social Security joblessness the climate the Federal Reserve fiscal policy but I'm also something of an agitator and I hope that that will come through when we get an opportunity and I hope you'll join us and and go next door for this documentary because when I look at the problems that we're facing and I ask myself what can I bring to the fight right what can I contribute what can I offer I think because of my training as a macroeconomist and with expertise and finance and the monetary system and those sorts of things these are issues of such import importance but so many people don't understand them it seems too complicated we've heard and we talked just now about the media and the role of the media and I'll say it I think the population has been indoctrinated I think we've been misinformed ill-informed lied to about what our capacity to do in terms of Congress Federal legislation fiscal policy the fword that for too long we put in the box and we didn't talk talk about fiscal policy we just said it's the federal reserve's job it's monetary policy whatever goes wrong in the economy the Federal Reserve is supposed to fix it unemployment inflation maintaining a healthy labor market and so forth I think monetary policy is the weak te it is the weakest tool and it probably doesn't work the way they think it works the powerful tool is fiscal policy and we've got to get comfortable with the idea of using the FW again and I think covid did so much to remind us of the relative power of monetary and fiscal policy it's fiscal policy is where it is at remember the Great Recession the financial crisis the implosion of the housing market with the subprime mortgages and all of the fraud that ran through the system that was a crisis the downturn was as severe as anything we had experienced since the Great Depression we lost lost about 9 million jobs it took roughly 7 years to claw them all back we got scared of the F-word of fiscal policy we saw the deficit increase the national media told us we had a debt crisis we were going to end up like Greece we were burdening future Generations the grandchildren would have a heavy bill to pay because of the spending that was done to deal in part with the crisis but we didn't deal with the crisis we got the Simpson bowls commission the cat food commission as I like to call it that would have cut Social Security Medicare the sequester with the caps on spending we had a very anemic recovery that didn't feel like a recovery for millions and millions of people when the jobs finally came back we know now that they were inferior to the jobs that were lost in almost every single case as the jobs were restored they were lower wage and lower hour jobs people were worse off not better off as the jobs came back and when Barack Obama was asked well H how are we going to deal with rescuing the economy Shoring up people's lives and livelihoods can we afford it he said and I quote we're out of money we're out of money that was at the start of his first term in office and it was like a punch in the gut for me because I knew how wrong that was we were not out of money we get John uh we get Donald Trump right after Obama's eight years we get Donald Trump as president what are the Republicans coming and do cut taxes they don't care about the fiscal or budgetary impacts they want to pass their agenda so we get sweeping tax cuts CBO says the tax cuts will add 1.9 trillion to the deficit Republicans shrug and say who cares on the other side of the government deficit lies a financial windfall for somebody else every deficit is good for someone the question is for whom and for what right and that's something that the media doesn't remind us of and so I would hope that we can learn that lesson so move on from Donald Trump Here Comes covid we've been told that because of the Republican tax cuts there won't be any money to do anything if we Face a crisis in the future if the economy slows down if there's a war there is no money because the Republicans let it all go with their tax cuts big lie huge lie repeated by many Democrats including former treasury secretaries well how do we know it was a lie because covid happened and when covid happened Donald Trump is President Democrats have the house I'm sorry Democrats have the House Republicans have the Senate and what do they do March of 2020 a $2.2 trillion fiscal package called the cares act sent money to most families in this country unemployment Ben benefits at 600 bucks a week a week 2400 a month some people in this country millions in fact had more money unemployed than they ever had working in their lives many for the first time reached the end of the month with money left in the bank they were able to save something for the first time in their lives fiscal policy fiscal policy months later in December a $900 billion fiscal package follow followed in March of 2021 Democrats only passing the American Rescue plan act $ 1.9 trillion add those three numbers together what do you get $5 trillion do going out the door in 12 months time incredible we cut child poverty by roughly 40% and you can talk on and on about the benefits because every deficit is good for someone the question is for whom and where does the windfall on the other side of the government deficit go in March of 2021 it went to the bottom 99% of people living in this country that's who it helped the Republicans did 1.9 trillion with their tax cuts where did it go 83% of the benefits went to people in the top 1% of the income distribution it's not about the deficit and whether you have it or don't have it every deficit is good for someone who benefits and what are those deficits being used to accomplish now we're using the deficit to do infrastructure the bipartisan infrastructure Bill the chips and science Act and the inflation reduction act the biggest climate legislation we've ever had all three pieces of legislation are powering this economy forward is it working for everyone no no and we spent the whole day talking about acute problems in this economy in housing and health care and everything else is it working for everyone no but is there a better tool to deploy in the interest of rebuilding repairing this economy and creating one that works for everyone no there is not there is no alternative to using fiscal policy and so I uh ended up being the subject of a documentary I didn't realize it at the time I was just asked to sit for a few interviews which I agreed to do I didn't know and maybe the filmm maker didn't know either that she would end up putting together a film that revolved largely around my intellectual Journey because it took me a while to arrive at the place where I understood things the way I do today and so I invite you to go next door where the director of the film has a short video her name is maren pess she's going to in introduce the film and then I feel really um happy and privileged to be joined for the Q&A uh by Josh Farley who's a professor here at the University of Vermont professor of uh ecological economics ICS so all of the hard questions go to him and I would love to walk next door with you and watch the film thank you so much [Applause]
では、ステファニー・ケルトンさんに来ていただき、彼女の映画を紹介していただきます。その後すぐに講堂に移動して、この映画を聞き、鑑賞していただきます。ステファニー・ケルトンさんはストーニーブルック大学の教授で、サンダース研究所のフェローであり、素晴らしい人間であり、非常に才能のある方です。お越しいただき、ありがとうございます。ようこそ。
ケルトン:
ジェーン、デイブ、バーニー、本当にありがとう。バーリントンにまた戻ってこれて本当に嬉しい。これからもこのような集まりがたくさんあるといいな。今日はエレクトリックスピーカーの音を聞きました。そう、感動的でした。感動的になるつもりだったのですが、サラ・ネルソンがアレルギーに効くベナドドリルをくれました。今は昼寝をします。ほら、これは素晴らしい。あなた方のような大きな考えを持つ人たちでいっぱいの部屋に入ると、まるで家にいるような気分になるので大好きです。上院でサンダース上院議員の下で短期間働いていたとき、彼がやって来てスタッフ会議をしていたのを覚えています。彼はいつもスタッフに、私たちは何をすべきか、私たちは何をすべきか、と尋ねることから始めました。彼は私たちの話を聞きたがり、そして「小さくではなく大きく考えてほしい。人々は苦しんでいる。人々は苦しんでいる。彼はこの国中、そして世界中で起こっている苦しみに非常に敏感で、私たちが端っこでいじくり回すことを望んでいなかった」と言いました。そして、人々の生活が少しでも良くなるように問題を少しずつ解決していくこと、人々の生活の実質的な改善を望んでいました。私はそのことにとても敬意を抱いていましたし、このような集会に集まって、この国で意味のある変化を起こすために何ができるかについて意見を出し合う大きなアイデアを持ち寄る人々をとても尊敬しています。ですから、私は貧困、不平等、社会保障、失業、気候、連邦準備制度の財政政策などについて書いている学者として、あなた方お二人と一緒にこの戦いに参画していますが、私はある種の扇動者でもあります。機会があればそれが実現することを願っています。皆さんも参加して、このドキュメンタリーのために隣に行ってくれることを願っています。なぜなら、私たちが直面している問題を見て、自分自身に、この戦いに何をもたらすことができるのか、何に貢献できるのか、何を提供できるのかと尋ねるからです。私はマクロ経済学者としての訓練を受けており、専門知識と金融と通貨システムなどを持っているので、これらは非常に重要な問題ですが、多くの人が理解していません。複雑すぎるように思えます。私たちはメディアと金融について聞いており、今話しました。メディアの役割について、私はこう言います。国民は洗脳されてきたと思います。議会、連邦立法、財政政策に関して、我々が何ができるかについて、誤った情報、誤った情報、嘘をつかれてきたと思います。長い間、我々はそれを箱に入れて、財政政策について話しませんでした。我々は、それは連邦準備制度の仕事であり、金融政策だと言っていました。経済で何がうまくいかなくても、連邦準備制度がそれを解決することになっています。失業、インフレ、健全な労働市場の維持などです。金融政策は最も弱いツールであり、彼らが考えているようには機能しないでしょう。強力なツールは財政政策であり、我々は再び財政政策を使用するという考えに慣れなければなりません。そして、コロナ禍は金融政策と財政政策の相対的な力を私たちに思い起こさせるのに大いに役立ったと思います。財政政策こそが重要なのです。大不況、金融危機、サブプライム住宅ローンによる住宅市場の崩壊、そしてシステムを駆け巡ったあらゆる詐欺を思い出してください。それは危機でした。景気後退は大恐慌以来経験したことのないほど深刻でした。私たちは約900万人の雇用を失い、それをすべて取り戻すのに約7年かかりました。私たちは財政政策のFワードに怯え、赤字が増加し、全国メディアは債務危機があり、ギリシャのようになるだろうと伝え、将来の世代に負担をかけている、孫たちが重い請求書を支払うことになるだろうと言いました。危機に対処するために行われた支出のせいで、危機に対処しなかったため、シンプソンボウル委員会、私が好んで呼ぶキャットフード委員会が設立され、社会保障やメディケアが削減され、支出上限を伴う歳出削減が行われ、非常に貧弱な回復となり、何百万人もの人々にとって回復したとは感じられませんでした。雇用がようやく戻ってきた時、失われた雇用よりも劣っていたことが今ではわかっています。雇用が回復すると、賃金が低く、労働時間の短い仕事になり、人々は雇用が戻るにつれて良くなるどころか、悪化しました。バラク・オバマは、経済を救済し、人々の生活と暮らしを支えるためにどう取り組むのかと尋ねられたとき、お金がなくなった、お金がなくなったと答えました。これは彼の最初の任期の初めのことでした。それは私にとって腹を殴られたような衝撃でした。それがいかに間違っていたかわかっていたからです。お金がなくなったわけではありません。ジョン・エヴァンズ・オバマの8年間の直後にドナルド・トランプが大統領になりました。共和党は減税をするのか、彼らは財政や予算への影響を気にしない、彼らは自分たちの政策を通したいので、私たちは大規模な減税を受けることになります。CBOは減税により1.9兆ドルの赤字が増えると述べています。共和党は肩をすくめて、政府の赤字の反対側など誰が気にするのかと言います。嘘は、誰か他の人にとっては思いがけない利益になる。すべての赤字は誰かにとって良いことだ。問題は、誰にとって、何の権利なのかということであり、それはメディアが私たちに思い出させないことであり、ですから私は私たちがその教訓を学べることを望みます。ドナルド・トランプから先に進みましょう。コロナウイルスがやってくる。共和党の減税のせいで、将来危機に直面しても何もするお金がないと言われている。経済が減速し、戦争が起きてもお金がない。共和党が減税ですべてを放置したからお金がない。これは大きな嘘、元財務長官を含む多くの民主党員によって繰り返される大きな嘘。コロナウイルスが発生したから、そしてコロナウイルスがいつ発生したから、それが嘘だったとどうやってわかるのか。ドナルド・トランプは大統領だ。民主党は下院を持っている。申し訳ありませんが、民主党は下院を持っている。共和党は上院を持っている。彼らは何をするのか。2020年3月。2.2兆ドルの財政パッケージ、いわゆるCARES法は、この国のほとんどの家庭にお金を送りました。失業手当は週600ドル、月2400ドルで、この国では何百万人もの人が失業中にこれまでの人生で働いた時よりも多くのお金を稼いでいます。多くの人が初めて月末に銀行にお金が残っている状態で迎え、人生で初めて何かを貯めることができました。財政政策財政政策数か月後の12月には9000億ドルの財政パッケージが続き、2021年3月には民主党がアメリカ救済計画法案を可決しただけで、1.9兆ドルです。この3つの数字を合計すると、12か月後に5兆ドルが出て行きます。信じられないことですが、子供の貧困を約40%削減しました。給付金についていくらでも話せます。なぜなら、すべての赤字は誰かにとって良いものだからです。問題は、政府の赤字の反対側にある臨時収入が誰のために、どこに行くのかということです。2021年3月、それはこの国に住む最下層の99%の人々に渡りました。誰を助けたのか
共和党は減税で1兆9000億ドルを支出したが、そのお金はどこに行ったのか 恩恵の83%は所得分布の上位1%の人々に渡った 問題は財政赤字や財政赤字があるかないかではない すべての赤字は恩恵を受ける人にとって良いものであり、その赤字は何を達成するために使われているのか 今、私たちは財政赤字をインフラ整備に利用している 超党派インフラ法案 チップと科学法案 インフレ抑制法案 史上最大の気候変動法案 この3つの法案はいずれもこの経済を前進させている 誰にとっても効果があるのか いいえ、いいえ 私たちは一日中、住宅や医療など経済の深刻な問題について話し合いました 誰にとっても効果があるのか いいえ、しかしこの経済を再建し、修復し、誰にとっても効果がある経済を作るために展開するより良い手段があるのでしょうか いいえ、ありません 財政政策以外に選択肢はありません そして私はドキュメンタリーの題材になってしまいました その時は気づかなかったのですが インタビューに数回答えてほしいと頼まれ、同意しただけです彼女が私の知的旅を中心にした映画を作り上げることになるとは、私も知らなかったし、おそらく映画製作者も知らなかったでしょう。なぜなら、私が今のように物事を理解するようになるまでには、しばらく時間がかかったからです。それで、皆さんを隣の部屋へお連れします。そこでは、映画の監督であるマレン・ペスが短いビデオを持っていて、映画を紹介してくれます。その後、ジョシュ・ファーリーが質疑応答に参加してくれることをとても嬉しく光栄に思います。彼はバーモント大学の教授で、生態経済学の教授です。難しい質問はすべて彼に聞いてください。皆さんと一緒に隣の部屋へ行き、映画を観たいと思っています。どうもありがとうございます。[拍手]
減税で9兆円はどこへ行ったのか。恩恵の83%は所得分布の上位1%の人々に渡った。問題は財政赤字や財政赤字があるかないかではない。すべての赤字は恩恵を受ける人にとって良いものであり、その赤字は何を達成するために使われているのか。現在、我々はインフラ整備に赤字を利用している。超党派インフラ法案、半導体・科学法案、インフレ抑制法案、史上最大の気候変動法案。これら3つの法案はいずれもこの経済を前進させている。それは皆のために機能しているのか。いいえ、いいえ。我々は一日中、住宅や医療など経済の深刻な問題について話し合いました。それは皆のために機能しているのか。いいえ、しかし、この経済を再建し、修復し、皆のために機能する経済を作るために展開するより良い手段があるのでしょうか。いいえ、ありません。財政政策以外に選択肢はありません。それで私はドキュメンタリーの題材になってしまいました。その時は気づきませんでした。インタビューに数回答えるよう頼まれただけで、同意しました。おそらく映画監督も、私の知的旅を中心にした映画を制作することになるとは思っていなかったでしょう。なぜなら、私が今のように物事を理解するようになるまでには、しばらく時間がかかったからです。そこで、皆さんを隣の部屋へお連れします。そこでは、映画の監督であるマレン・ペスが短いビデオを上映しています。彼女が映画を紹介する予定です。その後、ジョシュ・ファーリーが質疑応答に加わってくれることをとてもうれしく光栄に思います。彼はバーモント大学の教授で、生態経済学の教授です。難しい質問はすべて彼に聞いてください。皆さんと一緒に隣の部屋へ行き、映画を観たいと思っています。どうもありがとうございます。[拍手]
0:00now is have uh Stephanie Kelton come up
0:03and introduce her film that we are going
0:06to move into the auditorium to hear and
0:10to watch immediately thereafter so
0:13Stephanie Kelton is a professor at
0:17Stonybrook she's a Sanders Institute
0:20fellow and a wonderful human being and
0:23very talented so thank you for coming
0:26welcome
0:30thank you so much uh thank you to Jane
0:33and Dave and Bernie it is so nice to be
0:36back in Burlington for a second and I
0:39hope second of many to come Gatherings
0:42of this kind um I we've heard some
0:45electric speakers today yes
0:49electrifying I was going to be
0:52electrifying and then Sarah Nelson gave
0:55me a benad dril to help with my
0:58allergies and now I'm going to go take a
1:02nap so look this is this is great I love
1:06this because I feel like I'm at home
1:08when I come into a room filled with
1:10people like you big thinkers when I
1:13worked briefly for Senator Sanders in
1:15the Senate I remember he would come in
1:18we would have staff meetings he would
1:19sit down and he would always start by
1:22asking the
1:24staffers what should we be doing what
1:27should we be doing he he wanted to hear
1:30from us and then he would say I want you
1:33to think big not small people were
1:36suffering people are suffering and he
1:38was so intensely sensitive to the
1:42suffering going on across this country
1:44and around the world and he didn't want
1:46us to Tinker at the edges and nibble
1:49away at the problem in ways that would
1:51make life less bad for people he wanted
1:54real improvements material improvements
1:58in people's uh lives lives and I had so
2:01much respect for that and I have
2:03enormous respect for the people who come
2:05to Gatherings like this to bring their
2:07big ideas to share thoughts about what
2:11we can do to make meaningful change in
2:13this country and so you know I am in
2:17this fight with you both as an academic
2:20writing about things like poverty
2:22inequality Social Security joblessness
2:25the climate the Federal Reserve fiscal
2:28policy but I'm also something of an
2:31agitator and I hope that that will come
2:34through when we get an opportunity and I
2:36hope you'll join us and and go next door
2:38for this documentary because when I look
2:42at the problems that we're facing and I
2:44ask myself what can I bring to the fight
2:46right what can I contribute what can I
2:48offer I think because of my training as
2:51a macroeconomist and with expertise and
2:54finance and the monetary system and
2:56those sorts of things these are issues
2:58of such import importance but so many
3:01people don't understand them it seems
3:03too complicated we've heard and we
3:05talked just now about the media and the
3:07role of the media and I'll say it I
3:10think the population has been
3:11indoctrinated I think we've been
3:14misinformed ill-informed lied to about
3:18what our capacity to do in terms of
3:22Congress Federal legislation fiscal
3:25policy the fword that for too long we
3:28put in the box and we didn't talk talk
3:29about fiscal policy we just said it's
3:32the federal reserve's job it's monetary
3:34policy whatever goes wrong in the
3:36economy the Federal Reserve is supposed
3:38to fix it unemployment inflation
3:42maintaining a healthy labor market and
3:43so forth I think monetary policy is the
3:46weak te it is the weakest tool and it
3:49probably doesn't work the way they think
3:51it works the powerful tool is fiscal
3:54policy and we've got to get comfortable
3:57with the idea of using the FW again and
4:00I think covid did so much to remind us
4:04of the relative power of monetary and
4:07fiscal policy it's fiscal policy is
4:09where it is at remember the Great
4:13Recession the financial crisis the
4:15implosion of the housing market with the
4:17subprime mortgages and all of the fraud
4:20that ran through the system that was a
4:23crisis the downturn was as severe as
4:25anything we had experienced since the
4:27Great Depression we lost lost about 9
4:30million jobs it took roughly 7 years to
4:34claw them all back we got scared of the
4:37F-word of fiscal policy we saw the
4:40deficit increase the national media told
4:43us we had a debt crisis we were going to
4:45end up like Greece we were burdening
4:47future Generations the grandchildren
4:49would have a heavy bill to pay because
4:52of the spending that was done to deal in
4:54part with the crisis but we didn't deal
4:57with the crisis we got the Simpson bowls
5:00commission the cat food commission as I
5:03like to call it that would have cut
5:05Social Security Medicare the sequester
5:09with the caps on spending we had a very
5:11anemic recovery that didn't feel like a
5:15recovery for millions and millions of
5:16people when the jobs finally came back
5:18we know now that they were inferior to
5:21the jobs that were lost in almost every
5:23single case as the jobs were restored
5:26they were lower wage and lower hour jobs
5:29people were worse off not better off as
5:31the jobs came back and when Barack Obama
5:35was asked well H how are we going to
5:37deal with rescuing the economy Shoring
5:40up people's lives and livelihoods can we
5:43afford it he said and I quote we're out
5:46of money we're out of money that was at
5:49the start of his first term in office
5:51and it was like a punch in the gut for
5:53me because I knew how wrong that was we
5:57were not out of money we get John uh we
6:01get Donald Trump right after Obama's
6:04eight years we get Donald Trump as
6:06president what are the Republicans
6:07coming and
6:08do cut taxes they don't care about the
6:11fiscal or budgetary impacts they want to
6:14pass their agenda so we get sweeping tax
6:17cuts CBO says the tax cuts will add 1.9
6:20trillion to the deficit Republicans
6:22shrug and say who cares on the other
6:24side of the government deficit lies a
6:26financial windfall for somebody else
6:29every deficit is good for someone the
6:31question is for whom and for what right
6:34and that's something that the media
6:36doesn't remind us of and so I would hope
6:39that we can learn that lesson so move on
6:42from Donald Trump Here Comes covid we've
6:44been told that because of the Republican
6:46tax cuts there won't be any money to do
6:48anything if we Face a crisis in the
6:50future if the economy slows down if
6:53there's a war there is no money because
6:55the Republicans let it all go with their
6:57tax cuts big lie huge lie repeated by
7:01many Democrats including former treasury
7:04secretaries well how do we know it was a
7:06lie because covid happened and when
7:10covid happened Donald Trump is President
7:13Democrats have the house I'm sorry
7:15Democrats have the House Republicans
7:16have the Senate and what do they do
7:18March of 2020 a $2.2 trillion fiscal
7:23package called the cares act sent money
7:26to most families in this country
7:28unemployment Ben benefits at 600 bucks a
7:31week a week 2400 a month some people in
7:34this country millions in fact had more
7:37money
7:38unemployed than they ever had working in
7:41their lives many for the first time
7:43reached the end of the month with money
7:45left in the bank they were able to save
7:47something for the first time in their
7:49lives fiscal policy fiscal
7:53policy months later in December a $900
7:57billion fiscal package follow followed
7:59in March of 2021 Democrats only passing
8:03the American Rescue plan act $ 1.9
8:07trillion add those three numbers
8:09together what do you get $5 trillion do
8:12going out the door in 12 months time
8:16incredible we cut child poverty by
8:19roughly 40% and you can talk on and on
8:22about the benefits because every deficit
8:24is good for someone the question is for
8:26whom and where does the windfall on the
8:29other side of the government deficit go
8:32in March of 2021 it went to the bottom
8:3599% of people living in this country
8:38that's who it helped the Republicans did
8:401.9 trillion with their tax cuts where
8:43did it go 83% of the benefits went to
8:45people in the top 1% of the income
8:47distribution it's not about the deficit
8:50and whether you have it or don't have it
8:52every deficit is good for someone who
8:55benefits and what are those deficits
8:57being used to accomplish now we're using
9:00the deficit to do infrastructure the
9:02bipartisan infrastructure Bill the chips
9:05and science Act and the inflation
9:07reduction act the biggest climate
9:09legislation we've ever had all three
9:11pieces of legislation are powering this
9:14economy forward is it working for
9:16everyone no no and we spent the whole
9:19day talking about acute problems in this
9:22economy in housing and health care and
9:24everything else is it working for
9:26everyone no but is there a better tool
9:30to deploy in the interest of rebuilding
9:34repairing this economy and creating one
9:37that works for everyone no there is not
9:39there is no alternative to using fiscal
9:42policy and so I uh ended up being the
9:45subject of a documentary I didn't
9:46realize it at the time I was just asked
9:48to sit for a few interviews which I
9:50agreed to do I didn't know and maybe the
9:52filmm maker didn't know either that she
9:55would end up putting together a film
9:57that revolved largely around my
9:59intellectual Journey because it took me
10:01a while to arrive at the place where I
10:03understood things the way I do today and
10:06so I invite you to go next door where
10:10the director of the film has a short
10:12video her name is maren pess she's going
10:14to in introduce the film and then I feel
10:17really um happy and privileged to be
10:21joined for the Q&A uh by Josh Farley
10:24who's a professor here at the University
10:26of Vermont professor of uh ecological
10:28economics ICS so all of the hard
10:30questions go to him and I would love to
10:34walk next door with you and watch the
10:35film thank you so much
10:38[Applause]
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