The Dig From Fiscal Austerity to Monetary Abundance w/ Melinda Cooper
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Oct 10, 2025 Melinda Cooper, a sociologist at the Australian National University and author of 'Counter-Revolution', dives into the intricate relationship between fiscal austerity and the rise of asset-focused monetary policies. She explores how welfare reform has disciplined labor and led to significant asset inflation, particularly in housing. The conversation touches on the Tea Party's emergence post-housing bust, the complexities of tax expenditures, and the implications of Greenspan's monetary strategies. Cooper argues for the power of organized labor to reclaim fiscal levers, paving a potential path to socialism.
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Origins Of Balanced-Budget Conservatism
- James Buchanan and balanced-budget conservatism arose from fears that deficit spending would empower Black and poor voters to redistribute wealth.
- Fiscal limits were viewed as tools to curtail democratic demands rooted in the civil rights era.
Tax Breaks As Invisible Spending
- Supply-side populists weaponized tax expenditures to subsidize assets while avoiding visible budgetary scrutiny.
- This allowed Republicans to inflate deficits yet blame Democrats for social spending, reshaping fiscal politics.
Welfare Cuts Enabled Asset-Driven Stimulus
- Clinton-era welfare cuts disciplined labor and enabled Alan Greenspan to favor asset-price stimulus over wage-led growth.
- Asset appreciation became a deliberate macro policy to drive consumption without empowering workers.
