Earlier this month, I emailed you about John Maynard Keynes and how fundamental his ideas are to my outlook and to this campaign. Today, I wanted to continue that conversation, because Keynes’ is only part of the story of how we create opportunity for every North Carolinian.
Keynes’ ideas deal primarily with demand-side economics—the idea that the government can prevent economic hardship by stepping in and making investments that bolster demand when market forces fail to provide on their own. But I’ve always believed that government can play an equally important role on the supply side of things, too.
The thing is, for a long time, conservative thinkers have dominated supply-side economics—the phrase on its own conjures up all the usual arguments about tax cuts and deregulation leading to innovation. I think it’s a mistake for Democrats to just cede ground to the far right here, though.
When the market fails to increase supply on its own, just like with demand, the government can use its resources, invest in our people, and help boost supply, and in doing so, opportunity. In practice, that can look like anything from grants to pharmaceutical companies that come up with new vaccines, to tax credits for auto manufacturers that switch to manufacturing more electric vehicles—and similar to demand-side Keynesian economics, the result is more money in folks’ pockets and more opportunities right where they live.
John, I’ve talked about how we can use the Treasurer’s office to help our municipalities do more and build a strong foundation for our state’s future, and this is really still the same thing. The government is one of the largest drivers of economic activity in so many places, and it’s capable of exerting vast amounts of power over how much money is flowing into or out of our economy—while the current GOP supermajority is using that power to interfere in our citizens’ lives and restrict their rights, that’s not the only way. Instead, we can use government as a tool for good. We can invest, generate growth, and help every North Carolinian prosper.
But our campaign is unique—so far, I’m the only PhD economist running for statewide office, and if we want to take this message and use it to change our state for the better, I’ll need your support.
By contributing to our campaign, you will help me reach the voters I need to win and to share how we can use our state’s fiscal policy to foster growth, reduce inequality, and create opportunities for all. Together, we can ensure that we have a government that works for the people and invests in our shared future. Are you in?
