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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
Pumping her new book - -with a lot of help from the various House Organs of Davos @FT @nytimes, etc, is Madame #MMT herself - @StephanieKelton 1/x
"That means that the government’s -$X is always matched by +$X in some other part of the economy. Balance sheets must balance, after all. The government’s deficit is always mirrored by an equivalent surplus in another part of the economy," here passes for wisdom. 2/x
Anyone who tries to argue about how a dynamic system works by taking intermittent snapshots - i.e, by compiling periodic, tautological accounting balances and stopping there - is a simpleton or a charlatan or both.
3/x #MMT
Read 9 tweets

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