, 4 tweets, 2 min read Read on Twitter
You're driving and you want to maintain a certain speed. Let's say 55 MPH. Or 80..(hey, you do you) What do you have to do to maintain that speed? Well if you're going UPhill, you have to "spend" more gas to maintain it. And if you're going DOWNhill, you "spend" less gas
1/Thread
But you'd "spend" whatever gas is needed to maintain your target speed. Another approach would be that it's OK to "spend" gas when you're almost stopped, but let off the gas once you're moving so you don't "spend" too much. But that's silly, and you'd probably be pulled over.
2/
If it's obviously silly to drive like that, why isn't it obviously silly for governments to deficit spend like that? A typical Keynesian approach is that deficits are OK when the economy is in recession, but once you're "up to speed" you need to "let off the gas".
3/
The #MMT approach is to "spend" whatever is needed to maintain your desired speed (full employment). Govt deficits aren't "bad", and there are multiple ways to slow down if you hit traffic (inflation). So let's be smart and set the cruise control with a federal #JobGuarantee
END
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