Central Bankers and Balance Sheets
New York Fed

How should the Fed use its balance sheet? It should offer to buy muni bonds with zero interest and infinite maturity (then just write them off) in an amount sufficient to cover the hiring of any citizen that is ready, willing, and able to work at $15/hr plus benefits from any city willing to set up such a program. The program would be counter cyclical and the jobs could be doing much needed things like repairing infrastructure, installing green energy, or child/elder care. That would eliminate the racial unemployment gap and help the long term unemployed reintegrate into the workforce. Besides, the current policy of handing money to big banks because they were incredibly irresponsible and blew up the economy really isn’t going over so well with the public.

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