Discover and read the best of Twitter Threads about #deficitmyth

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Read 10 tweets
The #deficit #myth #deficitmyth by @StephanieKelton #MMT modern monetary theory
Myth N. 1: The #state should budget like a #household
#RealityCheck : unlike a household, a #SovereignNation, which owns its national #centralbank, issues the #currency it spends
Myth N. 2: #deficit is evidence of #overspending
#RealityCheck: look to #inflation for evidence of over spending
The purpose of #taxes is not to pay for #government expenditures but to help rebalancing the #wealth distribution #MMT
Read 56 tweets
What can an economist with mainstream training learn from #MMT? I articulate my answer in a new paper titled “A Blue Paper on Modern Monetary Theory” #MMTBluePaper.

Here are the background and a quick summary. 1/19
I, for one, have learned a lot. The MMT literature explores procedural, accounting, and institutional aspects of modern monetary institutions and their coordination with the fiscal authority.

An excellent bibliography of MMT can be found here

The analysis naturally leads to a powerful message which is at the core of MMT: a government with a sovereign currency can always afford to pay in the currency it prints and it is not subjected to the same financial constraints of a household.

Read 20 tweets

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