A frequent anti-government talking point is that the government wastes tax revenues by spending the money that comes in. I'll concede that point if you acknowledge that the definition of an economy is the flow of money throughout the system. Yes? Now my point: The over-accumulation of capital by one group that just sits on it takes money out of the economy making it sluggish. To make our economy vibrant again, money needs to flow. So who better to get that money moving than the government who, by your definition, will only spend the money it gets from taxes. On a related point, there are vast amounts of money sitting on the sidelines looking for something to do (check out the reserves of the big investment banks). Once the economy gets going, then that money will come off the sidelines and get into the game (big boom coming). And the wealthy will become wealthier because their money is actually doing something. So, if you want to stimulate the stock market and help the wealthy then increase their taxes for their own good.

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Bernie Sanders Could be the Next FDR

Tuesday night, I appeared on the Last Word with Lawrence O’Donnell to talk about Elizabeth Warren, the rise of progressives within the Democratic Party, and what this means for Bernie Sanders’ presidential campaign.

At one point in our discussion, the conversation turned to whether Bernie represents the closest thing to an Elizabeth Warren candidacy.