1/ An extraordinary first article for understanding Modern Monetary Theory #MMT: “Cutting the federal deficit to cure a recession is like applying leeches to cure anemia.” #LearnMMT mythfighter.com/2010/08/13/mon…
2/ Freaking out about the deficit and the debt is to myopically focus on only the federal government’s bank account at the expense of every private citizen. A balanced budget for the federal government takes money directly out of the pockets of every American. #LearnMMT
3/ Freaking out about the deficit & debt is sort of like only caring about the financial condition of the parents while completely ignoring the well-being of all of their children – and the family as a whole. What is best for the FAMILY?! What is best for the COUNTRY?! #LearnMMT
4/ Unsurprisingly, the PROMESA board in Puerto Rico will give back control to the government only after PR has FOUR CONSECUTIVE YEARS of balanced budgets. In other words, crushing austerity for the people. #LearnMMT
5/ Not coincidentally, 2008 was not so far after the balanced budgets and surpluses of the Clinton years. I understand that the United States government also had balanced budgets not so long before the 1929 Great Depression. #LearnMMT
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