The JOBS candidate Warren Mosler announces his
Million Dollar Challenge to Senate CANDIDATES

Middletown, Conn. (June 2, 2010) – Warren Mosler, Independent candidate for US Senate, knows for a fact that, operationally, there is no such thing as the US government running out of dollars, being dependent on foreign borrowing, or potentially facing a solvency crisis like Greece, and he has pledged $1 million of his own money to any of his Senate opponents on the ballot who can prove him wrong.

“Those concerns are due to pure fear mongering from supposed experts. They have no factual basis, and they have become the true obstacles to the return of full employment and prosperity” said Mosler, who added “and there is absolutely no financial reason to cut Social Security or Medicare benefits.”

Many have also argued that the nation’s growing debt rules out further tax reductions, but Mosler says those assertions are blatantly untrue, proposing a full payroll tax (FICA) holiday for employees and employers that will add over $300/mo to the take home pay of someone earning $50,000 a year. This plan and similar initiatives will reintroduce the capital the economy needs to prosper and grow.

“We lost over 8 million private sector jobs primarily for one reason- sales collapsed,” said Mosler. “My full payroll tax (FICA) holiday for employees and employers boosts take home pay and helps lower prices to quickly restore those lost sales which brings back the lost jobs, fixing the economy the right way, the American way, from the bottom up.”

In the midst of our social and economic calamity, with the Republican and Democratic candidates offering no viable plans to restore full employment, Mosler, an expert in monetary operations, is uniquely qualified to quickly move America back to full employment and prosperity. He knows the American economy works best when people working for a living have enough take home pay to buy the goods and services they produce, with business competing for those consumer dollars.

Mosler congratulated candidates McMahon and Blumenthal on their convention victories, and looks forward to public debate on the urgent economic issues facing our nation and the world.

“We have seen Republicans and Democrats overseeing the devastatingly tragic loss of over 8 million jobs. And while lower income people working for a living struggle to survive, elites who contributed to our problems rake in billions from bailouts,” said Mosler. “It’s time the government focuses on getting its hand out of the pocket of the hard working Americans who make this country great.”

See for details of Mosler’s ‘Right on the Money’ proposals and his $1 Million Challenge.

9 Responses

  1. proposing a full payroll tax (FICA) holiday for employees and employers that will add over $300/mo to the take home pay of someone earning $50,000 a year.

    If that is too much for people to accept it could be made a holiday on FICA for the first 25K in earnings.

  2. Why limit it to Senatorial candidates? If you expand the challenge to include registered Connecticut voters (or even any US citizen), then you’ll get a lot more buzz. Plus, you could make the challenge into a formal legal contract with a panel of independent judges who will decide if the challenger has submitted a successful counterargument.

  3. Sorry off topic:

    I posted this over at Bill Mitchell’s blog. If any one can help then it would be most appreciated:

    I’m looking for any papers or books which deal with the justification for why the central bank and treasury can be consolidated. Frequently I am finding that people object to the realism of the consolidated government. My responses are:
    1. It is consolidated from the perspective of the private sector in that it doesn’t use ’state money’, instead transactions between the two are merely internal transactions. But this point still presupposes the consolidation.
    2. Historically the central bank was created as a clearing house for banks but also as the government’s bank.
    3. That all central banks are required to give their ‘profit’ to the treasury at the end of each year.
    4. That the treasury and central bank are required to work together so that the central bank can maintain its target rate.

    anyways, I’m sure there are more reasons why. I don’t mind if people just post other arguments but if you have a paper, book etc, (a paper by Wray and Bell comes to mind) then that would be appreciated.

      1. Given the powers that President Bush assumed without serious opposition, and which President Obama, himself a constitutional law professor, seems to have consolidated, it seems that the President can do pretty much what he chooses in extremis.

        It would have been interesting to see what would have happened during the previous administration if President Bush had ordered Chairman Bernanke to do the bailout. As you may remember, Sec. Paulson strongly pressed Bernanke to do it, but Bernanke refused. Would a presidential order made a difference in his decision?

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