Thread by @wgoggin

What’s new about “The Deficit Myth?”

It shatters the faulty, destructive consensus about money, interest rates, deficits, and debt that mainstream economics has allowed to metastasize and block public purpose spending.

Don’t let ass-covering naysayers gaslight you otherwise.

Naysayers insisting that the policy prescriptions found in “The Deficit Myth” can mostly be found also in mainstream sources, and woven into a similar narrative is a curious self-own.

Since they were INSTEAD used to build the false mainstream narrative the book seeks to debunk!

Mainstream narrative: the nation is broke; deficits raise interest rates, crowd out investment, cause inflation; public debt is too high, burdens future generations, must be paid back.

“The Deficit Myth:” that’s all nonsense.

Mainstream critics: “nothing new here.”

Readers: 🙄

Mainstream economist: We always knew that the nation isn’t broke; that deficits don’t raise interest rates, crowd out investment, or cause inflation; that public debt isn’t too high, nor burden future generations, nor need be paid back.

Citizen: Why the fuck didn’t you tell us?

The deficit myth persists because most economists in academe, business, government, and think tanks believe it. And even those who know it’s false have little incentive to debunk it.

Doing so would undermine one’s career, reputation, wealth, and influence.

It’s all about POWER.

The faulty narrative ensures power remains concentrated in the private sector, among those who benefit from and serve its interests.

Debunking the narrative, “The Deficit Myth” fundamentally rebalances power among and between the sectors, toward more spending for public purpose.