Nersisyan and Khanna video posted; thoughts on Abundance
James Keenan
Videos from June's 32nd Annual Levy Institute Conference have now been posted. Each of the four sessions of the conference is its own 80- to 100-minute video, so you'll have to hunt a bit for particular speakers.
Nersisyan Confronts Khanna
When summarizing the Levy conference on this list in June, I indicated that when the videos were published, I looked forward to an interchange between keynote speaker Rep. Ro Khanna (D-Calif.) and MMT prof Yeva Nersisyan. You can see that interchange starting here. In the Q&A Nersisyan finds viewing higher taxes as financial prerequisites to other reforms as problematic. She views progressives as "falling into a trap" when they adhere to "pay-for" rules. She asks Khanna to what extent congressional Democrats should prioritize getting rid of pay-for rules.
Rep. Khanna, in his response, begins by noting that at the beginning of his first term in Congress he voted against pay-for rules. He acknowledges that when Republicans are in power, they run up huge deficits and don't worry about that. Republicans cut taxes; that later impedes Democrats' attempting to expand the safety net. But Khanna is doubtful that "the American people" can be convinced to be "oblivious" to deficits. Democrats ought to be for progressive taxation, cutting bloat out of the military, cutting Medicare Advantage fraud, then expanding safety net. Democrats need to be seen as party of economic "success," "growth," "opportunity" and "dynamism."
Sitting in the audience, I thought to myself, "Khanna may be a 'progressive' Democrat, but he's certainly to the political right of everybody in this auditorium."
Abundance
Since the conference in June I have had the occasion to read Abundance, the much touted book by New York Times columnist and podcaster Ezra Klein and Atlantic magazine contributor Derek Thompson. If you haven't yet read a review or critique of this book, you're not getting enough centrist fiber in your media diet. For the purpose of today's discussion, go to DuckDuckGo and type Ro Khanna and Abundance agenda into the search panel. Among the wittier critiques you'll find "‘Abundance,’ darling agenda of centrist Democrats, comes home to San Francisco," Joe Rivano Barros, March 28, 2025.
My own impressions of Abundance:
It seems to blame most of America's problems on the California Democratic Party and its liberal voters who have elected Jerry Brown, Gavin Newsome, Kamala Harris ... and Ro Khanna.
It's a paean to the craft of Project Management in government. We used to be able to build things and, if not under budget, at least on time!
Klein's adherence to New York Times-style centrism is absolute. You can always hear that little voice in his brain going,
On the one hand ... on the other hand ... On the one hand ... on the other hand ...- For all the attention Abundance has gathered, it feels as if it's one or two years too late. If it hand landed before mid-2024, it might have invigorated Democrats in the presidential and congressional campaigns. But appearing in the first months of the Trump-Musk-Vance evisceration of the federal government's ability to act, it seems like a dead letter.
Jay Mills
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