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| Title: | | The Freedom Budget at 45: Functional finance and full employment  |
| Authors: | | Forstater, Mathew |
| Issue Date: | | 2011 |
| Series/Report no.: | | Working paper, Levy Economics Institute 668 |
| Abstract: | | Forty-five years ago, the A. Philip Randolph Institute issued The Freedom Budget, in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working, and a living wage to lift the working poor out of poverty. Such policies were supported by a host of scholars, civic leaders, and institutions, including the Rev. Dr. Martin Luther King Jr.; indeed, they provided the cornerstones for King's Poor Peoples' Campaign and economic bill of rights. This paper proposes a New Freedom Budget for full employment based on the principles of functional finance. To counter a major obstacle to such a policy program, the paper includes a primer on three paradigms for understanding government budget deficits and the national debt: the deficit hawk, deficit dove, and functional finance perspectives. Finally, some of the benefits of the job guarantee are outlined, including the ways in which the program may serve as a vehicle for a variety of social policies. |
| Subjects: | | unemployment full employment budget deficits national debt public policy |
| JEL: | | B500 E240 E610 H600 P160 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Levy Economics Institute of Bard College
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