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文字起こし the u.s is currently in what has been called an extreme economic crisis and yet it's been extremely difficult to get our lawmakers to provide the funds needed for a stable economy they continue to use scare tactics about deficit spending even as americans are being forced into homelessness through eviction suffering from hunger according to my guest today there's no reason to be afraid of investing in the american people through deficit spending stephanie kelton is a professor of economics and public policy at stony brook university and a leading expert on modern monetary theory a former chief economist on the u.s senate budget committee she served as an advisor to senator bernie sanders in 2016. she knows what she's talking about politico named her as one of the 50 people most influencing the policy debate in america and her most recent book right here the deficit myth modern monetary theory.
文字起こし the u.s is currently in what has been called an extreme economic crisis and yet it's been extremely difficult to get our lawmakers to provide the funds needed for a stable economy they continue to use scare tactics about deficit spending even as americans are being forced into homelessness through eviction suffering from hunger according to my guest today there's no reason to be afraid of investing in the american people through deficit spending stephanie kelton is a professor of economics and public policy at stony brook university and a leading expert on modern monetary theory a former chief economist on the u.s senate budget committee she served as an advisor to senator bernie sanders in 2016. she knows what she's talking about politico named her as one of the 50 people most influencing the policy debate in america and her most recent book right here the deficit myth modern monetary theory.
and the birth of
the people's economy shatters the myths
about deficits that have long hobbled us
as a country
and offers a revolution of thought upon
which we can build a more resilient
economy
that can safeguard us in good times and
in times of crisis stephanie kelton
welcome to the show
nice to be back with you thank you for
having me i'm
just so happy that you could be here and
i'm so happy that um
the ideas around modern monetary theory
are getting out there
uh congratulations on your new book the
deficit myth
for people who are new to mmt or modern
monetary theory could you explain
why is the fear and terror over running
a federal
deficit a wrong-minded approach to
running the economy.
okay so i think the best place to start
is
with what the deficit is because you
know the word itself
carries this connotation that i think
does so much of the work of damaging our
thinking right you hear the word deficit
and you sort of naturally think well
there must be something wrong you know a
deficit is not something you want to see
if you were
watching a football game over the
weekend and you heard the announcer say
you know if the chiefs are going to come
back and win this game they're going to
have to overcome a seven point deficit
you know or something like that
you know debt the word deficit to be a
problem something to eliminate overcome
right so what is this thing we call the
government deficit
what is it it is the difference between
two numbers
okay one of the numbers is how many
dollars the government spends
into the economy each year and the other
number is
how many dollars the government
subtracts out of the economy
mostly through taxation each year so
when the government's budget is in
deficit
it means they're adding more dollars
than they are subtracting away
so you go wait a minute the government's
adding more dollars to the economy than
it is
siphoning away doesn't that mean that
there's some dollars going somewhere.
and
the answer is yes
their deficit is nothing more than a
financial contribution they're making a
deposit
right into some other part of the
economy
so if you like their red ink becomes
black ink on somebody else's ledger on
someone else's balance sheet the
question is
you know for whom right because if once
you understand the deficit
as a financial contribution to some
other part of our economy then
you realize pretty quickly that hey wait
a minute every deficit must be good for
someone
right the question is for whom so then
we could talk about things like the
republican tax cuts because
clearly republicans understand that
deficits are a way to deliver a
financial windfall
to parts of the economy to some people
to corporations to
people in the economy it's just that
when republicans run deficits they like
to run them
and channel the windfall to the people
who least need the help
right the money goes who are already
doing phenomenally well
but make no mistake every deficit is
good for someone
um one of the the things that you point
out in your book
and you point out in your talks about
modern monetary theory is that
uh the the difference between a
household budget
and the federal budget is the fact that
the federal government
can print its own money can it's the one
that issues
money how does that make a difference
well it's all the difference right if
so the federal government as you say i
never used the phrase printing money
because that
oh you're right i'm sorry i just did not
do that but i didn't it just creates
other problems because people hear it
and then it triggers them in the way the
word deficit does printing money is
triggering because people automatically
think
you get hyperinflation so the government
federal government is the
issuer of the dollar in fact they have
the sole
legal authority given to it by the
constitution in the constitution
to create the currency to issue our
currency.
so why why is that important why does
that matter well
if you and i could do what the federal
government could do if businesses could
do it heck
if mayors and governors could do it then
we would all just look after ourselves
in the coronavirus pandemic
we wouldn't have to worry if we lost a
job and lost our wages we would just be
like hey i'm a currency issuer i'll just
fix it myself
small businesses wouldn't be going out
to take ppp
loans they just take care of it
themselves governors and mayors wouldn't
be
pleading with congress to help provide
aid so they can keep essential services
going if they could issue the currency
but the reality is
the rest of us are just users
of the currency the federal government
is fundamentally different as an
issue of the currency they can do what
the rest of us can't do
they can commit to spending money they
do not have
and that's what congress did with the
cares act right that 2.2 trillion dollar
that first
major piece of legislation that came uh
through both
the house and the senate and and was
signed into law that 2.2 trillion
was congress saying we're going to spend
2.2 trillion we didn't go out and find
2.2 trillion we didn't go out and raise
taxes we didn't borrow the money we just
have something called
the power of the purse so we can commit
to spending money
we do not have because we issue it right
we can issue it into existence
uh you spoke about trump's tax cuts uh
how it increased the federal deficit
but somebody benefited benefited there
now we also have the coronavirus and the
economic meltdown of global proportions
could you talk about the
pickle that we find ourselves in where
has trump
left us i mean
you know it's with the worst economic
crisis
since the great depression so we had
obviously a
a health crisis a pandemic that
um created gave rise to an economic
crisis
but you know containing both was not
well managed by this administration so
we let the
the pandemic rage out of control which
then fueled the economic
crisis and we didn't get a handle on the
the coronavirus so we never really
fully got a handle on the economy and
you know we did things in fits and
starts
congress started off okay moving four
pieces of legislation
very quickly when coronavirus first hit
that big one was the cares act we
already talked about
the house was ready to do much more
giuliani you remember the heroes act
the house came back in may just two
months after passing
the um cares act and the house was like
we know we need to do more we know this
economy is in bad
shape we know we need more fiscal
support congress has to act so they
passed
a hero's act that would have committed
some 3 trillion
additional dollars to supporting the
economy but republicans
in the senate were like no no no we're
we've already done
enough we're not interested in doing
more so they waited
and let the recovery begin to falter
allowed unemployment why
why i mean really why so i i think
politics is probably the correct answer
yes the deficit myth and concerns about
you know adding further to the deficit
those those concerns were raised
and for for some lawmakers i think they
really
do believe that um but you know there
was also the politics of
involved with an election coming up with
trying to figure out whether you wanted
to help the other side notch a win
so close to the election and all that so
i mean a lot of things
were going on in the background right um
and also what was in the heroes act
republicans are not interested in what
they call a blue state bailout
the the house wanted to provide a
trillion dollars to help state and local
governments shore up their budgets
and republicans said we are not we are
not getting money to state and local
governments
uh so that that in and of itself
right killed any interest in uh in the
heroes act but then they worked you know
you had
steve mnuchin treasury secretary in
negotiations with nancy pelosi for a
very long time back and forth trying to
come
up with some agreement you you had
republicans asking for the liability
shield democrats didn't want that
in republicans didn't want state local
so they never got there
until right after the election we
finally
uh okay they finally came to agreement
on a 900 billion dollar
package that is too small
doesn't have the state and local um
and uh and partly it was concerned about
the price tag
you know they they had a bipartisan
group working on this and everybody said
we don't want to go over a trillion
well i i haven't heard the deficit
mentioned more than a handful of times
in all four years of trump
presidency mind you i hadn't heard the
word insurrection mentioned in all eight
years of obama's but alas
here we are uh when barack obama was in
office you gave him some ideas on how to
meet the cri
the crisis of his time here's a question
has biden called you
that's the and what ideas would you have
for him
in his first hundred days in office to
meet the crisis at hand
well i did serve you know i was one of
eight people who served on
the sanders biden unity task force as
they were known there were
i think six of these set up and i served
uh along with
uh sarah nelson who's the head of the
right uh flight attendants association
derek hamilton a fellow economist
we three served uh on behalf of bernie
representing
sort of the the progressive agenda
that um that he championed and that we
felt was going to be um integral to
laying a foundation for a sustainable
and inclusive recovery and we would like
to see this administration successful so
we did work with members of the biden
team we crafted
recommendations for economic policy and
also part of the
democratic party platform i think you
know some of the things that
we um pushed hard for are
actually in uh president-elect biden's
latest
proposal this 1.9 trillion that he uh
revealed thursday of last week right
and so raising the minimum wage that's
hugely important lots of money
you know hundreds of billions of dollars
that are
in one way or another related to dealing
with the health pandemic itself right
health care and health administration
and money to roll out vaccinations and
so forth
um there are additional direct
cash payments that are going to go out
uh there's the unemployment pop up from
the federal government
additional to support that and extending
that until march
so i would have made it retroactive they
didn't make it retroactive i would have
made the direct payments bigger because
i
do believe that what voters heard and
what they believe
they were promised if georgia was
delivered for the democrats was a two
thousand dollar check
and i i think i believe it's a mistake
not to deliver on that and to go for
1400 and make the case that well
actually if you add it to the 600 trump
gave you it gets you to 2000.
um but you know there's a lot of good
stuff in there there's not enough money
for state and local that should be
bigger so
what about uh striking uh debt
student debt yeah so we'll see where
he lands on this um you know i think
that
what what it sounds like is that he
would prefer to see congress
take action on this and to work it into
a piece of legislation as opposed to
doing what
you know many different groups are
pushing him to do which is to do
something through
executive but he did right he did extend
uh
the trump administration said to people
with student loan debt hang on don't
worry about repaying it right now
so there is uh a deferral
on those repayments and vice president
elect
president-elect biden is saying he's
extending that he wants to extend that
so you know it's not the same as
cancellation we'll see where they come
down he's sort of said ten thousand in
cancellation done through congress
others as you know senator warren um
senator schumer
have pushed him to do fifty thousand and
to do it through executive
uh action or you know through executive
order so
we'll see did you do you think that he
is it sounds like he is
at least open to a less conservative
approach
than president obama i think so
i think so i think listen i mean we got
the keystone pipeline
uh announcement i think just this
morning right that um
i i think that there there are a lot of
good signals being sent from you know
the incoming administration when it
comes to lessons learned
and you know one of the things that i
think that they're articulating
is that they recognize that in many ways
the failure to go big enough in the
earliest part of the
obama administration first term led
to you know the loss of the house and
then
later um the senate that you have to
deliver and
you can't deliver kind of incremental
um you know small improvements in
people's lives that you really have to
take advantage
of the opportunity you have the house
you have very narrowly
the senate and that if you don't deliver
really
material improvements in people's lives
so that they can
actually say wow voting for democrats
made a difference
right i am better off in these ways
fifty thousand dollars in my student
loan debt is gone it's
all maybe for some people it's going to
be all gone you know
um minimum wage is 15 bucks an hour for
the first time in my life
i can pay i can afford to cover my my
bills and i have a little bit of money
left to set aside at the end of
the month or something you know people
have to feel better off and i think that
they understand that that's the
challenge you've been
talking about mmt and bringing it out
into the open
and it's becoming part of the dialogue
at least on the progressive or
activist side how do you suggest that
progressives in the media
discuss this so that we you know
it took me a long time including reading
the book
and following your work to really get my
head around
the you know the difference uh between
the modern theory and the standard
theory
do you have any talking points that we
could use to like combat
the idea that the deficit is a terrible
thing how do we undo
years of mental training from both
parties i i saw that in one of your
recent lectures you showed a humorous
clip
of presidents from reagan to obama and
all kinds of news hosts of all different
political stripes
discussing the need to address the
deficit even bernie sanders
was the how are we going to pay you know
they're all answering how are we going
to pay for it question
do you have any suggestions on how we
can make this
simple so that america can understand it
oh boy do i do i ever
um yeah i mean that's and that's what i
do and i spend
i'm i feel very fortunate in that
um lawmakers have gotten interested
in trying to find new ways to to
dialogue
about the deficit and to talk about the
pay for question and i get an
opportunity
to spend a lot quite a lot of time
sometimes with a
large number of them and so i
one of the things i do is try to help
with talking points so the first rule is
uh never vilify the deficit never do it
don't point your finger at the other guy
and say you increased the deficit when
you were in office you piled on debt you
did it don't do that because first when
your guy gets in
or gal the deficit is going to be there
and the debt is in all likelihood going
to increase so why
do that just recognize when somebody
comes at you
with a question about adding to the
deaths they say well what about you know
democrats you want to spend all this
additional money
biden says we need money for the
immediate
relief but we're also going to need
trillions down the road for recovery
how about the deficit what about the
deficit just come right back and first
words out of your mouth should be
let's just get one thing clear right
every deficit is good for someone
every deficit is good for someone never
look back at the clinton years
and point to the surplus as some sort of
badge of honor
where you say ah it was democrats who
were the good
stewards of the night the nation's
finances
not only did we balance the budget but
we delivered the first surpluses
in years and years so we are the real
party of fiscal responsibility
it was george w bush who came and pissed
it all away with tax cuts and
and wars and all that don't do that
right but
every deficit is good for someone don't
strive for surpluses because you know
what you're doing
you're in an austerity frame when you do
that when you pretend that when you when
you make the argument that a surplus is
better than a deficit you're you're
doing austerity politics and you're
setting yourself up
to create budgets going forward that
reduce the deficit
no you don't want to force the economy
to balance the budget you want to
allow the budget to deliver a balanced
economy
and that balanced economy is one that
doesn't have out-of-control
inflation it has quality inflation
rampant poverty right set objective
goals
say what kind of an economy do we want
to create right what what would a
good economy look like you're right
unemployment
inflation so low levels of inflation
high or full employment
dealing like an economy with gross
inequities
is not a balanced economy so dealing
with
the real deficits i have a chapter in
the book chapter seven is called the
deficits that matter
so i run through our health care
deficits our retirement deficits our
infrastructure deficits our democracy
deficit you know
figure out what problems you want to
tackle how ambitiously you
can go after them and then budget your
real resources the financial resources
can always be made available
the money comes with the votes the votes
fund the spending
so if you can find the votes instead of
people saying well how are you going to
pay for it
where are you going to find the money
that's not how it works congress has the
power of the purse
they don't go around looking for the
money you go collect votes and if you
can collect the votes for the tax cut if
you can collect the votes for the
infrastructure spending if you can
collect the votes for the next relief
package
the money will go out that's the sure
thing the money will be there
it's what do you want to accomplish and
can you get the votes
to to for that agenda
when it comes now let's talk i i'm
really trying to understand
more about the theory
how does offshoring
affect the economy
given the understanding of mmt it seems
like if we are
um issuing the currency it goes into the
um general economy and then very rich
people take a lot of it out of
circulation and put it
you know in the bahamas that seems
like it is problematic yeah
i mean well here's the thing right if
you want a healthy
full employment economy then there has
to be enough demand
for everything that our economy
wants to produce in other words the
businesses that produce goods and
services
have to have customers and they have to
have enough customers with money to
spend
to buy the output so that they aren't
laying off
workers because if they're not swamped
with customers i don't need the extra
busboy i don't need the
cashier i can i can reduce staff right
i could even go offshore as you know
you're asking about the point is
if people are saving instead of spending
every dollar that is saved and not spent
is a dollar that can't be captured
by some business that's trying to make
revenue and turn a profit
and keep employees you know uh on staff
so the grosser the inequities the harder
it is to maintain a full employment
economy
that makes a stronger case for
government to come in
and provide support through deficits to
back
fill that lost demand but far better to
deal with
the inequities if businesses are
producing offshore are there benefits to
consumers sure in the form of
lower prices if you can you know import
things more cheaply because they're
being produced in china and other
countries
there is a clear benefit to a consumer
when they have access to
cheaper goods and services but they're
also costs in the sense that
if the company goes elsewhere and hires
cheap labor around the world
then somebody in michigan is losing
their job
right somebody in pennsylvania is losing
their jobs so you know the offshoring
hollows out communities it takes good
higher paying jobs uh sends them
abroad where they can chase low wages
eva
avoid environmental regulations and all
the rest of it so
and what of what of the question of of
billionaires or millionaires taking
their money and hiding it in foreign
bank accounts and basically taking it
out of circulation
okay so i mean there are a few ways
that's the one i couldn't answer i was
like looking for this answer and i was
like
i gotta ask her because i don't i can't
the problem is from my perspective
the problem starts at the beginning it
starts with
why do they have so much right why do
they have
billions and billions of dollars that
they can use these
um tax shelters around the world to put
and so we get obsessed with
taxing the money with finding it and
taxing it and i think
you know bob reich the former uh labor
secretary
under bill clinton you know he's got a
book uh called saving capitalism and in
that
book he argues and elsewhere um that
what we need to do is spend a whole lot
more time focusing on
pre-distribution we tend to get really
wrapped up in this
idea of redistributing income and wealth
right robin hood
so the very wealthy have all this money
and our job is to track it down
find the tax shelters and go after it
and and tax the money
okay that's one way to deal with
uh things but but bob's point the point
i'm trying to make
is that pre-distribution is a way to get
at the source of the problem so how is
it that they're
ending up with it all in the first place
right it's through the
tax laws that are written it's through
trade laws it's through labor laws it's
through
a lack of antitrust enforcement it's all
of those things
that need to be brought to bear unions
stronger unions right
so there isn't just one way to fix this
problem
but um you know a global crackdown
if we could get to that point where
nations are united in an effort
to you know um stamp out these tax
havens and to
you know make it impossible for people
to find places
to shelter income that would be helpful
as well that's one of the kinds of
things that people like
gabrielle um zuckman and and
thomas picketty and others are you know
have proposed some sort of a
a global unified effort to
address these sorts of problems
stephanie
what you're seeing what what mmt seems
to be suggesting to me is that there's
really no
reason other than political will which
is a nice way of saying greed
selfishness inhumanity
lack of caring no real reason other than
political will that we haven't cured
hunger
stem the environmental catastrophe and
some of these other social ills
once people start understanding mmt
don't you think that there must be some
kind of reckoning
that will occur this deficit thing gave
everyone an excuse for austerity
yeah i mean i hope i hope so you know
this book is written
at least this is what i hoped would come
of this book
to sort of level the playing field so
that
ordinary people can be empowered to
push back against these myths these
narratives these lies in many cases that
they are told
the excuses that they're given for why
we can't
eliminate poverty why we can't end
homelessness
the homelessness why we can't have true
full employment you know all
of these sort of things and people say
well look i'd love to be able to do it
but
god we got this you know 27 trillion
dollar debt and we got three trillion
dollar deficits and
we're running up the credit card and
we're running out of money and all those
sort of things and at least then we
could have
an improved policy debate if everyone
understood what only a handful of people
understand but don't acknowledge
publicly which is
the federal government can afford to buy
whatever is available
and for sale in its own currency
including all idle
unemployed labor so if everyone started
from that premise with the same
recognition then the debate would shift
and the debate would then have to be
about our priorities right it can't be
that that's unattainable unaffordable
it's
wait you want that but you also want
these other 10 things
and we you know just because the money
can always be there
doesn't mean that you can spend infinite
amounts of money there are limits
right and so that puts us to the
inflation constraint and the real
barrier
to public spending is the availability
of the real resources and so you do a
budget does force you
to to budget right your resources to
prioritize
so you can't accomplish everything in
one fell swoop
you have to prioritize um but
it would be in a very different place
right now we have a lot of
idle workers due to the pandemic
that seems to open up a big opportunity
perhaps a jobs program a federal jobs
program
um do you know if joe biden has any
leanings
in that way is that something we might
see and would that be
uh a good way to
to to to move forward well i think it's
a good way to move forward i think it
is a good policy to be in place at all
times
it's not a crisis policy at least it
shouldn't be
it would have been terrific frankly if
we had
something like a job guarantee in place
before coronavirus hit
right because then instead of millions
and millions of people losing their job
and becoming
unemployed there would be a program in
place where people could
transition into different kinds of
employment people could have been
trained to
do contact tracing they could have been
trained to deliver meals and medicines
and do well checks and a whole variety
of things
while keeping them safe you know in a
pandemic a lot of people might have been
paid
simply to stay home and help us flatten
the curve but the point is
that is a pretty ambitious uh shift
in the way that we deal with
unemployment because you know for
for the incoming president to say
uh what i'm going to fight for or
advocate is
is a federal job program that ensures
that anyone who wants to work and can't
find a job
anywhere else in the economy can always
have one that's big stuff that's fdr
that's second bill of rights kind of
that's real reform right i had a
conversation last week like joe biden
is old he's already been the vice
president he already has money
go for broke buddy that's the you know
you know what they tend to do
and i and i mean a lot of uh
well i i i won't say more what what
often happens
so more infrastructure becomes your job
program
right so when people say we're going to
create millions of good paying jobs and
so forth it's
almost always the case that they say
it's going to happen on
as part of an infrastructure program
so you know that will for sure create
millions of good-paying jobs if you can
roll out a couple of trillion dollars in
climate and infrastructure and then he
also wants to do education and care work
so there's a lot there that will help
this
uh economy recover and restore jobs
but we will never get to genuine full
employment without you know a stronger
commitment
to guarantee jobs for those who
inevitably get left behind
we are speaking with stephanie kelton
the author of this
fine book that i suggest everyone go and
get
so that we can start fighting against
this definite deficit myth
with knowledge uh the deficit myth
modern monetary theory and the birth of
the people's economy
the last chapter in your book
is called building an economy for the
people
what does an economy for the people look
like and what does
mmt suggest uh that it would be very
possible
for us to do so i love that you put it
in that way because um you know mmt
doesn't tell us
exactly what we should do mmt
helps to show us what we can do and when
i talk about a people's economy i mean
i'm not
the people i'm a person right so i have
my own
preferences when it comes to you know
prioritizing
um government spending what programs
would i like to see what would i like to
see addressed first and that sort of
thing
but for me you know the idea of a
people's economy
is just that it's about the will of the
people and we
know already because polls are out there
we know that there's overwhelming
support and bipartisan support
in this country for things like
single-payer health care for medicare
for all some sort of health care uh
guaranteed to everyone we know that
there's support for things like
canceling student loan debt making
public colleges and universities
tuition-free
raising the minimum wage and on and on
we know what's popular we know what the
people
support so you know in my mind the book
is about
helping to lay out a blueprint for the
way the monetary system works the
mechanics of government finance
kick away um you know all of these myths
that have been
used as barriers to entry as obstacles
to getting better public policy
corrupting the debate bogging us down
and things that don't matter
um and and drawing our attention away
from the things that do matter and the
problems that we could be
solving and we could have salt climate
and all of the rest so
um you know for me i i put climate right
at the top of the list
and so many other problems can be
addressed
through a bold ambitious large-scale
climate um program you can do inequality
you can do social justice you can deal
with
um you know racial justice you can
incorporate
so much into a a strong
comprehensive climate program that you
know
if i had to start somewhere that's
certainly where i would start
stephanie kelton professor of economics
and public policy it's stony brook
leading expert on modern
monetary theory author of the most
recent book the deficit myth
monetary modern monetary theory and the
birth
of the people's economy i really
appreciate you coming on this program
thank you so much for the work that
you're doing and i hope you'll join us
again
thank you so much for having me you're
watching act tv i'm juliana forlano
don't forget to subscribe
to our channel which is what i say all
the time because we bring you people
like
stephanie calton uh so that we can all
sort of broaden
our minds broaden our ability to combat
the myths of austerity like the deficit
myth i'm juliana forlano thanks for
watching
was there anything you wanted to say
that we didn't get a chance to say no
not no i've been talking a lot about the
biden
uh you know 1.9 trillion the thing about
the 1.9 that's so funny to me
and people aren't making that much of it
i i think it's so ironic
is that the trump tax cuts are estimated
by cbo
to cost 1.9 trillion so it's exactly the
same number
only for 1.9 trillion you know with the
trump tax cuts most people got a t-shirt
that said
you know by 1.9 train all i got was this
lousy t-shirt
and with this 1.9 trillion you know most
americans are going to see 1200 dollar
checks and
millions of people are going to see a
bump up in their unemployment and
they're going to see you know this and
that the other so
um anyway every deficit is good for
someone this
this new deficit is is going to do a lot
more good than
than trump did with his so do you mind
if i clip what you just said and put it
into the interview
oh no not at all oh great i love it.
英語 (自動生成)
#DoMoreThanWatch
Stephanie Kelton On Biden, Stimulus, And The Myth Of The Big Bad Deficit
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Julianna welcomes Stephanie Kelton, Professor of Economics and Public Policy at Stony Brook University, to discuss how the U.S. is currently in one of the worst economic crises we’ve seen in a while... and yet, it’s like pulling teeth to get our lawmakers to provide the funds we need to stay alive. They continue to use scare tactics about deficit spending, even as Americans are being evicted and going hungry. According to Stephanie, there’s no reason to be afraid of investing in the American people through deficit spending. So how should President-elect Joe Biden use that approach to create the best response to the coronavirus crisis?
Stephanie is a Professor of economics and public policy at Stony Brook University. She is a leading expert on Modern Monetary Theory and a former chief economist on the U.S. Senate Budget Committee and advisor to Senator Bernie Sanders in 2016. She was named by Politico as one of the fifty people most influencing the policy debate in America. She’s the author of The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy.
For info on Stephanie go to: hhttps://stephaniekelton.com/ and follow her on Twitter at https://twitter.com/StephanieKelton
And buy her book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, at: https://www.amazon.com/Deficit-Myth-M...
For more Julianna, follow her on Twitter at https://twitter.com/juliannaforlano and @juliannaforlano on Instagram and Facebook!
———
act.tv is a progressive media company specializing in next generation live streaming and digital strategy. Our YouTube channel focuses on interviews with noted progressive voices, animated explainers, livestreams from protests around the country, and original political commentary.
Main site: http://act.tv
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