Which means understanding that the state declares the legal unit of account that settles all private sector debts, both our tax liabilities & our bank loans. As long as we think money comes from tax payers we’ll just fail again.

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A whole generation of policymakers is going to have to relearn how the creation of the welfare state was not some grand act of generosity (one of its architects was Bismarck FGS) but rather a crucial means to ensure social stability and state legitimacy that democracies and markets need to function

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And if you're poor, every single thing becomes even more of a tax on your time. Those bills one can pay automatically or by sending an electronic payment, for example, become impossible when you can't afford the bank account.

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And combined with this excellent piece by @michellegoldberg.bsky.social, it really underscores how much dealing with life's vagaries amounts to a tax on time and human capital that only economic and cultural elites can afford to pay.

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I think this explains in the language of econ what @tressiemcphd.bsky.social has been arguing in the language of sociology, but which many people deny because it doesn't show up in the charts. People grasp how vulnerable they are to life's vagaries, even if the lexicon they use is affordability.

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