The Deficit Myth

The Deficit Myth

Modern Monetary Theory and the Birth of the People's Economy

Book - 2020 | First edition.
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A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
Publisher: New York : PublicAffairs, 2020.
Edition: First edition.
ISBN: 9781541736184
Branch Call Number: 339.53 KEL
Characteristics: vii, 325 pages :,illustrations ;,25 cm


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Oct 02, 2020

Kelton, with all her degrees and religious like fervor for academia, is nothing more than another blue heart liberal minded, big government, high tax, high spender. She claims all U.S. gov’t debt being bad is a merely a myth. There is nothing harmful or wrong with these deficits. In fact, she claims, they are good! What folly! Like all dems / libs, she thinks there is no limit on how many dollars the U.S. gov’t should print in order for her lib politicians to use to buy votes. While she admits there should be a limit to how many dollars can be printed without causing harmful inflation, she fails to define what those limits might be. Even worse, she obviously doesn’t really believe there should be any limits! If her ways were practiced, we’d be paying $50 for a loaf of bread, $200 for a tank of gas, etc., while inflation would continually run amok.
She very incorrectly suggests that merely because our FED can print dollars at will and then purchase U.S. Gov’t Treasuries without limit, it should. She hates Trump and is very jealous of all of his accomplishments in only 3 ½ years of his Presidency. All of his good-for-the U.S. trade deals with foreign gov’ts, all of the jobs he has brought back to the U.S., all of the increased employment for all demographics, all of the growth in numbers of private sector jobs, the improvement in the military, etc., etc., could never have happened had her advice been used. She will go down in history as another frustrated liberal academic whose foolish ways have always proven to be wrong.

Aug 31, 2020

Modern monetary theory is not the future — it's already here: Don Pittis

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