The acronym VIMMLBUTT is composed of:-
LVT land value taxation
UBI universal basic income
MMT modern monetary theory
Actually, LVT isn’t a ‘tax’ – it’s a rent. And MMT isn’t ‘modern’, Abraham Lincoln used it to fight the Civil War. Moreover, it’s arguable that a UBI shouldn’t be ‘basic’; it needs to be a living wage.
However, the fundamental principle behind each term remains valid:-
LVT is the public capture of Ground Rent, advocated by the classical economists. UBI provides a Universal Income to everybody from the nation’s net income (currently being largely expropriated by the rent-grabbing 0.1%). MMT says deficit spending by the federal government isn’t ‘debt’, it’s paid for the moment it’s spent and greatly assists the private sector.
So, more correctly, maybe VIMMLBUTT should be GRUIDEFICIT?
I’ll stick with VIMMLBUTT.
Isn’t this all kid’s stuff?
No. The point is that genuine economic reform is not simply LVT, UBI or MMT as their followers claim. All three are an essential package!