Shutting down workplaces: hospitality and tourism, higher education and some manufacturing: comes at an enormous cost.
The government’s stimulus has provided a lifeline for many.
This is also an ideal opportunity to progressively reform welfare across the board ; and lift job-seekers out of poverty.
Modern Monetary Theory has been somewhat skeptical of the role of taxation, claiming it ‘takes money out of the economy’. But this need not be the case if all that money is spent ; if indeed there is a stimulus. Taxation also allows for a much more finely targeted redistribution of wealth: which should be desirable for progressives.
As MMT theorists also recognise, state governments in Australia cannot issue currency.
(nb: I'm wanting to publish this article elsewhere as well ; but I'm interested in feedback from readers on how I can improve the piece before I do that ; looking forward to comments :) )