The Deficit Myth by Stephanie Kelton

The Deficit Myth by Stephanie Kelton

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

#TheDeficitMyth, #StephanieKelton, #ModernMonetaryTheory, #EconomicReform, #FinancialLiteracy, #Audiobooks, #BookSummary

✍️ Stephanie Kelton ✍️ Economics

Table of Contents

Introduction

Summary of the book The Deficit Myth by Stephanie Kelton. Before we start, let’s delve into a short overview of the book. Unlocking the Secrets of Money and Power in Our World Have you ever wondered how governments manage money to build schools, hospitals, and even launch space missions? Imagine if the rules we thought governed money were actually different. ‘The Deficit Myth’ by Stephanie Kelton unveils a fascinating perspective that challenges everything we know about budgets and spending. This book takes you on a journey through the hidden truths of Modern Monetary Theory (MMT), showing how governments can create a better world without the financial worries we’ve been taught to fear. From understanding national debt to ensuring everyone has a job, each chapter reveals how embracing new economic ideas can transform society. Get ready to explore how money really works and discover the incredible potential of a people-powered economy. Dive into these chapters and let your curiosity lead you to a brighter, more prosperous future!

Chapter 1: Why Governments Aren’t Like Families and What That Means for Our Future.

Imagine a world where the government acts just like your family, carefully balancing every dollar earned and spent. It sounds responsible, right? But Stephanie Kelton explains that this comparison is misleading. Unlike families, governments have the unique power to create money. This means they don’t need to earn it through taxes or borrowing. Instead, they can spend freely on things that benefit everyone, like education and healthcare. Understanding this difference is crucial because it changes how we think about government budgets and spending. Governments can invest in big projects without the constant worry of running out of money, paving the way for a more prosperous society. This chapter explores why treating the government like a household limits our potential and how embracing MMT can unlock new possibilities for growth and development.

When we think of a household budget, every expense must match income. Families save, invest, or borrow to make ends meet. However, governments operate on a different scale. They have the authority to issue currency, meaning they can create money to fund public services and infrastructure. This ability allows governments to address societal needs without the constraints that families face. Kelton argues that by understanding this fundamental difference, we can shift our perspective on fiscal policy. Instead of viewing government spending as inherently dangerous, we can see it as a tool to enhance the well-being of all citizens. This chapter delves into the mechanics of money creation and why governments have more flexibility than households when it comes to budgeting.

One common misconception is that governments should aim for balanced budgets, just like families. Traditional economic thinking promotes this idea, suggesting that deficits are signs of irresponsibility. However, Kelton challenges this notion by highlighting that governments are not bound by the same rules as individuals or businesses. They can spend on public goods and services without the immediate need to balance every dollar. This perspective opens up opportunities for large-scale investments in areas like renewable energy, healthcare, and education. By abandoning the household budget analogy, we can better understand how governments can drive economic growth and improve quality of life for everyone.

Ultimately, treating the government like a household limits our imagination and hinders progress. Kelton’s insights reveal that with the right economic framework, governments can play a pivotal role in shaping a thriving society. This chapter sets the stage for exploring how Modern Monetary Theory redefines our understanding of money, deficits, and the government’s role in the economy. By embracing these ideas, we can envision a future where governments effectively utilize their financial power to meet the needs of the people and build a sustainable, prosperous world.

Chapter 2: Why Deficits Aren’t the Villains They’re Made Out to Be in Our Economy.

Picture a scene in the bustling halls of the U.S. Senate, where debates about budget deficits are as common as the rising sun. Politicians argue passionately about whether running a deficit is wise or reckless. Stephanie Kelton steps into this debate with a revolutionary idea: deficits aren’t inherently bad. According to Modern Monetary Theory (MMT), governments can spend beyond their revenues without immediate harm, as long as they manage inflation. This chapter explores how MMT redefines our understanding of deficits, shifting the focus from balanced budgets to economic growth and stability. By looking beyond traditional views, we can see that deficit spending can be a powerful tool for addressing societal needs and driving progress.

Traditional economics teaches us that running a deficit is like overspending a household budget—it leads to debt and financial ruin. However, Kelton points out that this analogy fails to capture the reality of how governments operate. Unlike families, governments issue their own currency and are not constrained in the same way. This means they can fund essential programs and investments without the immediate need to balance their books. Understanding this difference is key to rethinking fiscal policy and embracing strategies that promote long-term economic health. This chapter delves into the nuances of government spending and why deficits, when managed correctly, can support sustainable growth.

A common fear surrounding deficits is the risk of inflation, where too much money in circulation drives prices up. Kelton acknowledges this concern but explains that inflation can be controlled through strategic policy measures. By carefully monitoring the economy and adjusting taxes and spending as needed, governments can prevent runaway inflation while still investing in critical areas like infrastructure, education, and healthcare. This approach allows for proactive management of the economy, ensuring that deficit spending contributes to overall prosperity without unintended negative consequences. This chapter highlights how MMT offers a balanced perspective on deficits, viewing them not as disasters but as opportunities for positive change.

Ultimately, this chapter challenges the long-held belief that deficits are always bad. By embracing the principles of MMT, we can see that deficit spending, when thoughtfully implemented, can lead to a stronger, more resilient economy. This shift in mindset opens the door to bold, transformative policies that address pressing issues and improve the lives of citizens. As we move forward, understanding the true nature of deficits becomes essential for creating a future where governments effectively harness their financial power for the greater good.

Chapter 3: Debunking the National Debt Scare: Why It’s Not the Monster We Thought It Was.

Imagine walking past the famous National Debt Clock in New York City, watching the numbers climb higher each day. It’s easy to feel alarmed, thinking that this massive debt is a ticking time bomb for the economy. But Stephanie Kelton invites us to look deeper and understand why the national debt isn’t the catastrophe it appears to be. According to Modern Monetary Theory (MMT), the national debt represents money the government has spent into the economy, not a burden to be feared. This chapter explores the true nature of national debt, explaining why it doesn’t threaten the economy in the way household debt does. By demystifying the national debt, we can better appreciate how governments can use it as a tool for economic growth and societal improvement.

The National Debt Clock often portrays the debt as an ever-growing burden that will eventually overwhelm the economy. However, Kelton explains that this perspective misses the mark. Unlike personal debt, which requires repayment with interest, national debt is a record of financial transactions that circulate within the economy. When the government issues bonds, it’s essentially providing a way for individuals and institutions to invest their money, which then flows back into the economy as government spending. This cyclical process means that the national debt is not an external entity but an integral part of the economic system. This chapter delves into how the national debt functions within MMT, challenging the notion that it poses a direct threat to economic stability.

Understanding the difference between national and household debt is crucial. Households must balance their budgets because they cannot create their own money, relying on income to pay for expenses and debt. Governments, on the other hand, have the unique ability to issue their own currency and manage their financial obligations without the same constraints. This distinction means that governments can continue to spend on essential services and investments without the immediate pressure to reduce the debt. Kelton emphasizes that the national debt should be viewed not as a liability but as a tool for financing public goods and stimulating economic activity. This chapter highlights how MMT reframes our understanding of debt, positioning it as a mechanism for growth rather than a source of impending doom.

Moreover, Kelton points out that attempts to aggressively pay down the national debt can have adverse effects on the economy. Tightening budgets and reducing government spending can lead to decreased economic activity, higher unemployment, and slower growth. By contrast, maintaining a manageable level of national debt allows for continuous investment in areas that benefit society, such as infrastructure, education, and healthcare. This proactive approach to fiscal policy ensures that the economy remains vibrant and capable of meeting the needs of its citizens. This chapter underscores the importance of rethinking our relationship with national debt, advocating for policies that prioritize long-term prosperity over short-term fears.

Chapter 4: How Government Deficits Actually Create Wealth for Everyone, Not Just the Rich.

Imagine a myth that says government deficits drain the economy, leaving nothing but empty pockets. Stephanie Kelton shatters this illusion by revealing how government deficits can actually create wealth for all citizens. Modern Monetary Theory (MMT) teaches us that when the government spends more than it taxes, it injects money into the economy, boosting demand and creating opportunities. This chapter explores how government deficits can fund essential services like healthcare, education, and infrastructure, benefiting everyone. By debunking the myth that deficits only harm the economy, Kelton shows us a new way to think about public spending and its potential to enhance our collective well-being.

The traditional view of government deficits is that they take money away from the private sector, limiting growth and innovation. Kelton challenges this belief by explaining that deficits do the opposite—they provide the economy with the necessary funds to thrive. When the government spends on public projects, it creates jobs, stimulates businesses, and fosters economic activity. This increased spending circulates through the economy, leading to higher incomes and improved standards of living for everyone. By focusing on how deficits can drive economic growth, Kelton redefines them as a positive force rather than a negative burden. This chapter delves into the mechanisms through which government deficits can create widespread wealth and prosperity.

To further illustrate this concept, imagine two buckets: one representing the government and the other the private sector. When the government runs a deficit, it pours money into the private bucket, increasing the overall wealth in the economy. This infusion of funds can be directed towards projects that benefit the public, such as building schools, hospitals, and roads. These investments not only improve infrastructure but also create jobs and stimulate economic activity. Kelton emphasizes that the key is how the government allocates its spending. When directed towards inclusive and universal programs, deficits can enhance the well-being of all citizens rather than just a select few. This chapter highlights the transformative potential of thoughtful government spending in creating a more equitable and prosperous society.

However, it’s important to recognize that not all deficit spending is created equal. Kelton warns against spending that only benefits the wealthy or specific industries, as this can exacerbate inequality and lead to uneven economic growth. Instead, she advocates for universal programs that address the needs of the broader population. By prioritizing investments in public goods and services, the government can ensure that the benefits of deficit spending are widely shared. This approach not only fosters economic stability but also promotes social justice and equity. This chapter concludes by illustrating how strategic deficit spending can lay the foundation for a thriving, inclusive economy where everyone has the opportunity to prosper.

Chapter 5: Ensuring Our Social Programs Thrive Forever by Rethinking Their Funding.

Imagine a future where everyone has access to healthcare, education, and retirement without the fear of losing these essential services. Stephanie Kelton shows us how this vision can become reality by rethinking how we fund social programs. Modern Monetary Theory (MMT) reveals that the government can sustainably support programs like Social Security and Medicare by simply choosing to allocate resources accordingly. This chapter explores the misconceptions surrounding the cost of entitlement programs and demonstrates that with MMT, these services can be maintained and even expanded to meet the needs of all citizens. By breaking free from outdated funding constraints, we can ensure that our social safety nets remain strong and effective for generations to come.

Historically, politicians have argued that entitlement programs are too expensive and unsustainable, pushing for cuts or privatization. Kelton counters this narrative by explaining that the real issue isn’t the cost but the funding mechanism. Currently, many social programs are funded through taxes and specific revenue streams, creating an artificial limitation on their growth. MMT proposes that the government, as the issuer of its own currency, can fund these programs directly without relying on taxes or borrowing. This approach removes the financial barriers that have long been used to justify reducing benefits or limiting access. This chapter delves into how shifting the funding strategy can transform social programs into robust, lifelong supports for all citizens.

Furthermore, Kelton emphasizes that sustainable funding of social programs requires a commitment to prioritizing public welfare over arbitrary budgetary constraints. By recognizing that the government can create the necessary funds, policymakers can focus on expanding and improving services rather than merely balancing books. This shift allows for proactive investment in areas like healthcare, education, and retirement, ensuring that these programs adapt to the evolving needs of society. The chapter highlights successful examples and potential strategies for implementing MMT principles in the funding of social programs, showcasing how thoughtful policy can lead to lasting, positive change.

However, the transition to funding social programs through MMT isn’t without challenges. It requires overcoming political resistance and changing long-standing beliefs about government spending and fiscal responsibility. Kelton acknowledges that achieving this shift involves educating policymakers and the public about the benefits and feasibility of MMT. Building broad support for these ideas is crucial for creating the political will needed to sustain and expand social programs. This chapter concludes by outlining the steps necessary to embrace MMT and secure the future of our most vital social services, demonstrating that with the right approach, sustainable and equitable social programs are within our reach.

Chapter 6: Redefining Success in Trade: How International Commerce Can Benefit Everyone Without Losing Out.

Think about the global marketplace where countries trade goods and services every day. It’s easy to view trade as a competition where one nation wins and another loses. However, Stephanie Kelton offers a fresh perspective through Modern Monetary Theory (MMT), showing that trade doesn’t have to be a zero-sum game. This chapter explores how international trade can be structured to benefit all parties involved, rather than creating winners and losers. By rethinking our approach to trade deficits and focusing on mutually beneficial exchanges, we can create a more cooperative and prosperous global economy. Kelton’s insights reveal that with the right policies, trade can enhance economic stability and growth for every nation, fostering a world where commerce lifts everyone up.

Traditional views often see trade deficits as a sign of economic weakness, suggesting that a country is losing money to others. Kelton challenges this notion by explaining that trade imbalances are not inherently bad and can coexist with a strong, growing economy. She argues that the focus should be on how trade policies are designed and implemented, rather than simply striving for a balanced trade ledger. By ensuring that trade agreements are fair and that the benefits are widely distributed, countries can engage in commerce that supports domestic industries while still enjoying the advantages of international trade. This chapter delves into the complexities of trade deficits and how MMT provides a more nuanced understanding of global economic interactions.

Kelton also highlights the importance of investing in competitive industries and workforce development to maintain a strong position in international markets. Instead of fearing trade deficits, governments can use their financial power to support sectors that drive innovation and economic growth. By prioritizing strategic investments and fostering a skilled workforce, countries can enhance their export capabilities and create sustainable economic advantages. This proactive approach ensures that trade deficits do not hinder progress but instead serve as indicators of healthy, dynamic economic activity. This chapter illustrates how MMT encourages a forward-thinking strategy that leverages trade for collective prosperity rather than viewing it as a threat.

Moreover, Kelton emphasizes the role of government in facilitating fair trade practices and protecting domestic industries from unfair competition. By using policy tools to ensure that trade agreements are equitable and that domestic businesses have the support they need to thrive, governments can create an environment where international trade benefits everyone. This includes measures like investing in technology, education, and infrastructure to enhance productivity and competitiveness. This chapter concludes by showcasing how a redefined approach to trade, informed by MMT, can lead to a balanced and thriving global economy where all nations share in the benefits of commerce.

Chapter 7: Real-World Challenges and How MMT Tackles the True Issues Facing Our Society.

Imagine being an economist with innovative ideas, eager to solve the country’s problems, only to find that political debates focus solely on balancing budgets. Stephanie Kelton understands this frustration and addresses it head-on by highlighting the real deficits that matter: jobs, healthcare, education, and more. Modern Monetary Theory (MMT) shifts the focus from abstract numbers on spreadsheets to tangible issues affecting people’s lives. This chapter explores how MMT can address the actual challenges our society faces, such as unemployment, inadequate healthcare, and poor education systems. By prioritizing these real-world deficits, we can create policies that directly improve the quality of life for everyone, moving beyond outdated fiscal constraints.

Kelton points out that while politicians obsess over budget deficits, the nation grapples with significant social and economic deficiencies. High unemployment rates, especially in small towns, and low wages are pressing issues that need immediate attention. MMT offers solutions by advocating for government programs that create jobs and provide fair wages, thereby reducing economic insecurity. This proactive approach ensures that the economy works for everyone, not just a privileged few. This chapter delves into how addressing these real-world deficits through MMT can lead to a more equitable and prosperous society, highlighting specific policies that can make a meaningful difference.

In addition to employment, healthcare and education are critical areas where MMT can make a substantial impact. Many Americans struggle with inadequate healthcare coverage and face high costs, while educational opportunities remain unevenly distributed. MMT proposes that the government can fund comprehensive healthcare and education systems by prioritizing these sectors in its spending plans. By doing so, the government can ensure that all citizens have access to essential services, leading to improved health outcomes and a more educated workforce. This chapter explores how investing in these areas not only addresses immediate needs but also fosters long-term economic growth and stability.

Furthermore, Kelton emphasizes the importance of infrastructure and climate change mitigation as crucial areas where MMT can drive positive change. Aging infrastructure hampers economic efficiency and quality of life, while climate change poses existential threats that require urgent action. MMT supports large-scale investments in infrastructure projects and renewable energy initiatives, creating jobs and promoting sustainability. By directing resources toward these critical areas, the government can tackle multiple deficits simultaneously, enhancing both economic performance and environmental resilience. This chapter concludes by illustrating how MMT provides a comprehensive framework for addressing the multifaceted challenges facing our society today, offering a path toward a healthier, more prosperous future.

Chapter 8: Transforming Our Economy: How MMT Empowers Us to Achieve Bold Goals Like Landing on the Moon Again.

Imagine setting a bold goal, like landing humans on Mars, and having the entire economy rally behind it without worrying about the cost. Stephanie Kelton shows us how Modern Monetary Theory (MMT) makes such ambitious projects possible by shifting our focus from budget constraints to resource allocation. This chapter explores how MMT enables governments to direct resources towards grand objectives, whether it’s space exploration, renewable energy, or public infrastructure. By removing the fear of financial limitations, MMT empowers society to pursue visionary projects that can drive technological advancements and economic growth. This transformative approach allows us to dream bigger and achieve more, demonstrating that with the right economic framework, anything is possible.

Kelton uses the historic example of President Kennedy’s moon landing initiative to illustrate how MMT can support large-scale projects without financial anxiety. By prioritizing resource allocation over budgetary concerns, governments can mobilize the necessary funds and manpower to achieve remarkable feats. This approach ensures that the economy can support ambitious goals while maintaining stability and growth. This chapter delves into the principles of MMT that make such endeavors feasible, highlighting how strategic spending can lead to breakthroughs that benefit society as a whole. By embracing MMT, we can turn bold visions into reality, transforming our economy and our world.

Furthermore, Kelton discusses how MMT can be applied to contemporary challenges like climate change and technological innovation. By allocating resources strategically, governments can invest in renewable energy, sustainable infrastructure, and cutting-edge research without the constraints of traditional budgeting. This proactive investment not only addresses urgent environmental issues but also spurs economic development and job creation. MMT provides the flexibility needed to respond to emerging challenges and opportunities, ensuring that the economy remains dynamic and resilient. This chapter showcases how MMT can drive progress across various sectors, highlighting its potential to create a future where economic and societal goals are seamlessly aligned.

Ultimately, this chapter emphasizes that with MMT, the economy becomes a tool for achieving our collective aspirations. By focusing on what we can achieve with available resources rather than what we can afford, MMT encourages a more ambitious and forward-thinking approach to economic policy. This mindset shift opens up endless possibilities for innovation and improvement, allowing society to tackle complex problems and seize new opportunities. As we conclude this journey, it becomes clear that MMT not only redefines our understanding of money but also empowers us to shape a future filled with incredible achievements and sustained prosperity.

Chapter 9: How MMT Turns Economic Constraints into Opportunities for Innovation and Growth.

Imagine looking at the economy not as a series of limitations, but as a landscape of endless opportunities waiting to be explored. Stephanie Kelton’s Modern Monetary Theory (MMT) transforms the way we view economic constraints, turning them into catalysts for innovation and growth. This chapter delves into how MMT encourages governments to think creatively about resource allocation, fostering an environment where new ideas and technologies can flourish. By removing the fear of budget deficits and focusing on the productive capacity of the economy, MMT opens the door to unprecedented advancements in various fields. This shift in perspective empowers society to pursue ambitious projects that drive progress and enhance quality of life for all.

Under the MMT framework, governments are not bound by traditional fiscal constraints, allowing for more flexible and responsive economic policies. This flexibility is crucial for addressing emerging challenges and seizing new opportunities. For instance, in times of technological advancement, governments can invest heavily in research and development without worrying about immediate budget impacts. This proactive investment not only accelerates innovation but also ensures that the economy remains competitive on a global scale. This chapter explores specific examples of how MMT can facilitate groundbreaking projects, from developing renewable energy sources to advancing medical research, highlighting the transformative potential of this economic theory.

MMT also promotes a more strategic approach to workforce development and education, ensuring that the labor force is equipped to meet the demands of a rapidly changing economy. By prioritizing education and training programs, governments can cultivate a skilled workforce that drives innovation and supports new industries. This investment in human capital is essential for sustaining long-term economic growth and adapting to technological shifts. Kelton emphasizes that MMT’s focus on resource allocation rather than fiscal restraint allows for targeted investments that yield significant returns in productivity and innovation. This chapter illustrates how MMT can create a virtuous cycle of growth, where investments in education and technology lead to a more dynamic and resilient economy.

Furthermore, Kelton discusses how MMT can support infrastructure development, which is foundational for economic activity and innovation. Modern, efficient infrastructure facilitates business operations, enhances connectivity, and attracts investment, creating a thriving environment for innovation to take root. By prioritizing infrastructure projects through MMT, governments can ensure that the economy has the necessary foundation to support new technologies and industries. This chapter highlights the symbiotic relationship between infrastructure and innovation, demonstrating how MMT-driven investments can lead to a more robust and adaptable economy. By transforming economic constraints into opportunities, MMT empowers society to achieve remarkable advancements and sustained prosperity.

Chapter 10: Embracing MMT: The Path to a Fairer, More Prosperous Society for Everyone.

Imagine a society where economic policies are designed to benefit everyone, not just a select few. Stephanie Kelton’s Modern Monetary Theory (MMT) offers a roadmap to achieving this vision by rethinking how we manage money and resources. This chapter explores how embracing MMT can lead to a fairer and more prosperous society, where government spending is directed towards the needs of the people rather than arbitrary budgetary goals. By prioritizing public welfare and investing in essential services, MMT ensures that economic growth is inclusive and sustainable. This approach not only enhances quality of life but also fosters social justice and equity, creating a society where everyone has the opportunity to thrive.

MMT provides the tools for governments to address systemic inequalities by funding programs that support marginalized communities and reduce economic disparities. This includes investments in education, healthcare, housing, and social services that ensure all citizens have access to the resources they need to succeed. By shifting the focus from deficit fears to societal needs, MMT empowers governments to create policies that promote equal opportunities and uplift disadvantaged groups. This chapter delves into the ways MMT can be used to design inclusive economic policies that bridge the gap between the rich and the poor, fostering a more balanced and harmonious society.

In addition to addressing inequality, MMT supports environmental sustainability by enabling large-scale investments in green technologies and renewable energy. By prioritizing environmental initiatives, governments can combat climate change and protect natural resources while also creating green jobs and stimulating economic growth. Kelton emphasizes that MMT’s flexible approach to budgeting allows for the necessary financial support to transition to a sustainable economy without compromising other social programs. This chapter highlights the synergy between economic prosperity and environmental stewardship under MMT, showcasing how integrated policies can lead to a healthier planet and a more resilient economy.

Finally, Kelton underscores the importance of public engagement and collective decision-making in realizing the full potential of MMT. For MMT to be effective, society must embrace a shared vision of prosperity and actively participate in shaping economic policies that reflect our collective values and goals. This chapter explores the role of education and advocacy in promoting MMT principles, encouraging individuals to become informed and engaged citizens who can drive meaningful change. By fostering a culture of collaboration and mutual support, MMT paves the way for a future where economic policies are aligned with the needs and aspirations of all members of society. This concluding chapter inspires readers to embrace MMT as a pathway to a fairer, more prosperous world, where everyone has the opportunity to thrive and contribute to the common good.

All about the Book

Unlock the mysteries of modern economics with Stephanie Kelton’s ‘The Deficit Myth.’ Discover how governments can leverage fiscal policies to foster true progress without the constraints of traditional debt concerns.

Stephanie Kelton is a groundbreaking economist and thought leader in Modern Monetary Theory, advocating innovative economic strategies to promote sustainable growth and prosperity.

Economists, Policy Makers, Financial Analysts, Social Activists, Academics

Reading about economics, Debating fiscal policy, Researching social issues, Attending lectures on government finance, Understanding public policy

Understanding government deficits, Economic inequality, Unemployment solutions, Public investment strategies

The only real constraint on our ability to fund public programs is inflation—not deficits.

Bernie Sanders, Elizabeth Warren, Noam Chomsky

Finalist for the Financial Times and McKinsey Business Book of the Year, Best Book Awards by the Association of Business Publishers, Book of the Year by the Progressive Book Club

1. What is Modern Monetary Theory all about? #2. How does government spending actually work? #3. Why can’t the U.S. run out of money? #4. How do taxes fit into economic policy? #5. What are the implications of budget deficits? #6. How can unemployment be effectively tackled? #7. What role does inflation control play in MMT? #8. How are social policies like healthcare funded? #9. What myths exist around national debt? #10. How does MMT propose achieving full employment? #11. Why are balanced budgets not always necessary? #12. What impact do trade deficits have on economy? #13. How does public debt differ from private debt? #14. Why is austerity not a requirement for growth? #15. How does MMT challenge traditional economic views? #16. What does MMT say about investing in infrastructure? #17. How can MMT contribute to climate change solutions? #18. Why is currency sovereignty important for governments? #19. How does MMT redefine government fiscal responsibility? #20. What misunderstandings exist about federal budget operations?

The Deficit Myth, Stephanie Kelton economy, Modern Monetary Theory, MMT explained, national deficit impact, federal budget misconceptions, economic policy, sustainable government spending, public sector investment, debt and deficit, financial literacy, economic reform

https://www.amazon.com/Deficit-Myth-Profits-Too-Literally/dp/1541742028

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