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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... raise the deficit? As long as the votes are there, the federal government can always fund its priorities. That's how ... raising living standards and delivering the public investments in education, health care, and resilient ...
... raise the deficit? As long as the votes are there, the federal government can always fund its priorities. That's how ... raising living standards and delivering the public investments in education, health care, and resilient ...
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... raising enough revenue to pay for the things we want. We can, and must, tax the rich. But not because we can't afford to do anything without them. We should tax billionaires to rebalance the distribution of wealth and income and to ...
... raising enough revenue to pay for the things we want. We can, and must, tax the rich. But not because we can't afford to do anything without them. We should tax billionaires to rebalance the distribution of wealth and income and to ...
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... raise the money. “We know that there is no such thing as public money,” she added. “There is only taxpayer money.” If the British people wanted more from their government, they would have to foot the bill. Was it an innocent mistake or ...
... raise the money. “We know that there is no such thing as public money,” she added. “There is only taxpayer money.” If the British people wanted more from their government, they would have to foot the bill. Was it an innocent mistake or ...
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... raise your taxes, or it can borrow your savings. Taxes allow the government to collect money from people who have it, which means taxes are looked upon as a way to transfer money to the federal government. If the government wants to ...
... raise your taxes, or it can borrow your savings. Taxes allow the government to collect money from people who have it, which means taxes are looked upon as a way to transfer money to the federal government. If the government wants to ...
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... raise taxes whenever it wants to invest in our economy. In practice, the federal government almost never collects enough taxes to offset all of its spending. Deficit spending is the norm, and everyone in Washington, DC, knows it. And so ...
... raise taxes whenever it wants to invest in our economy. In practice, the federal government almost never collects enough taxes to offset all of its spending. Deficit spending is the norm, and everyone in Washington, DC, knows it. And so ...
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