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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... million workers. Nearly 40 percent of households earning less than $40,000 a year lost work in March 2020.1 Women and people of color, who make up a disproportionate share of low-income workers, were hardest hit. And, because most ...
... million workers. Nearly 40 percent of households earning less than $40,000 a year lost work in March 2020.1 Women and people of color, who make up a disproportionate share of low-income workers, were hardest hit. And, because most ...
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... million people from falling into poverty. The fiscal response easily dwarfed the $787 billion rescue package ... millions of Americans with an extra $600 per week dried up at the end of July, and by August 8, the Small Business ...
... million people from falling into poverty. The fiscal response easily dwarfed the $787 billion rescue package ... millions of Americans with an extra $600 per week dried up at the end of July, and by August 8, the Small Business ...
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... million people fell into poverty. One in five workers was unemployed, underemployed, or had suffered a pay cut since the pandemic began. Food banks remained overwhelmed, and the incidence of food insecurity was soaring, especially in ...
... million people fell into poverty. One in five workers was unemployed, underemployed, or had suffered a pay cut since the pandemic began. Food banks remained overwhelmed, and the incidence of food insecurity was soaring, especially in ...
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... million people in 2020. The Fed can lend to companies, financial institutions, and municipalities, but it can't lend directly to individuals, nor does it have the authority to just give people money. What it can do is keep interest ...
... million people in 2020. The Fed can lend to companies, financial institutions, and municipalities, but it can't lend directly to individuals, nor does it have the authority to just give people money. What it can do is keep interest ...
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... million fewer jobs, with losses in every state.” 30 Instead of protecting those jobs, Senate Majority Leader Mitch McConnell and his fellow Republicans played politics, blocking efforts to get nearly $1 trillion dollars in direct aid to ...
... million fewer jobs, with losses in every state.” 30 Instead of protecting those jobs, Senate Majority Leader Mitch McConnell and his fellow Republicans played politics, blocking efforts to get nearly $1 trillion dollars in direct aid to ...
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