The Deficit Myth: Modern Monetary Theory and the Birth of the People's EconomyA 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. |
From inside the book
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... and rising health-care costs. To keep essential services running—schools, transportation, fire, police, and so on—state and local governments desperately need more money. Unlike the federal government, city mayors and state.
... and rising health-care costs. To keep essential services running—schools, transportation, fire, police, and so on—state and local governments desperately need more money. Unlike the federal government, city mayors and state.
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... cost to inaction.32 With each passing day, the economic losses grow deeper.33 Jobs lost. Wages lost. Health care lost. Housing lost. Lives lost. Hope lost. By refusing to authorize another relief bill before the November 2020 election ...
... cost to inaction.32 With each passing day, the economic losses grow deeper.33 Jobs lost. Wages lost. Health care lost. Housing lost. Lives lost. Hope lost. By refusing to authorize another relief bill before the November 2020 election ...
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... cost millions of Americans their jobs, their homes, and their businesses. Eight hundred 2 thousand Americans lost their jobs that November alone. Millions applied for unemployment insurance, food stamps, Medicaid, and other forms of ...
... cost millions of Americans their jobs, their homes, and their businesses. Eight hundred 2 thousand Americans lost their jobs that November alone. Millions applied for unemployment insurance, food stamps, Medicaid, and other forms of ...
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... cost every man, woman, and child in America the equivalent of $70,000. Why didn't we make better policy? You might think the answer is that our two-party system has become so divided that Congress was just incapable of doing the right ...
... cost every man, woman, and child in America the equivalent of $70,000. Why didn't we make better policy? You might think the answer is that our two-party system has become so divided that Congress was just incapable of doing the right ...
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... of arguing over the monetary cost of these programs, lawmakers should be fighting about whose policies stand the best chance of meeting the needs of our entire population. The money can always be there. The question is, What will that ...
... of arguing over the monetary cost of these programs, lawmakers should be fighting about whose policies stand the best chance of meeting the needs of our entire population. The money can always be there. The question is, What will that ...
Contents
Think of Inflation | |
The National Debt That Isnt | |
Their Red Ink Is Our Black | |
Winning at Trade | |
Youre Entitled | |
The Deficits That Matter | |
Building an Economy for the People | |
About the Author | |
Other editions - View all
The Deficit Myth: Modern Monetary Theory and how to Build a Better Economy Stephanie Kelton No preview available - 2020 |
The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy STEPHANIE. KELTON No preview available - 2021 |
The Deficit Myth: Modern Monetary Theory and How to Build a Better Economy Stephanie Kelton No preview available - 2020 |
Common terms and phrases
afford Americans asking balance bank become benefits bill bonds borrowing bucket budget businesses central bank Chapter China comes Congress costs countries created crisis currency cuts debt deficit developing dollars economists economy entitlement example families federal government Federal Reserve fiscal fiscal deficits full employment funds future global government’s happen higher household housing important income increase inflation interest interest rate investment issue It’s job guarantee keep leave limit live look means million monetary myth never paid payments percent political problem productive projected raise reason rest retirement rising savings sector Senate shows simply Social Security spending supply sustainable there’s things trade Treasuries trillion Uncle unemployment United wage workers York