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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... there is also a 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 ...
... there is also a 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 ...
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... there's a magic money tree in Washington,” said Texas senator Ted Cruz.34 “You've got enough budget hawks in the Senate, you've got enough good, solid conservatives in the Senate that you're not going to have much of an appetite for ...
... there's a magic money tree in Washington,” said Texas senator Ted Cruz.34 “You've got enough budget hawks in the Senate, you've got enough good, solid conservatives in the Senate that you're not going to have much of an appetite for ...
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... there are no financial constraints on the federal budget doesn't mean there aren't real limits to what the government can (and should) do. Every economy has its own internal speed limit, regulated by the availability of our real ...
... there are no financial constraints on the federal budget doesn't mean there aren't real limits to what the government can (and should) do. Every economy has its own internal speed limit, regulated by the availability of our real ...
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... there's a lot of talk about how everything must be “paid for” to avoid adding to the federal deficit. But have you ... there, the federal government can always fund its priorities. That's how it works. Deficits didn't stop Franklin ...
... there's a lot of talk about how everything must be “paid for” to avoid adding to the federal deficit. But have you ... there, the federal government can always fund its priorities. That's how it works. Deficits didn't stop Franklin ...
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... there's another way to look at that difference. Uncle Sam's deficit creates a surplus for someone else. That's because the government's minus $10 is always matched by a plus $10 in some other part of the economy. The problem is that ...
... there's another way to look at that difference. Uncle Sam's deficit creates a surplus for someone else. That's because the government's minus $10 is always matched by a plus $10 in some other part of the economy. The problem is 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