The Deficit Myth

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Through illuminating insights about government debt, deficits, inflation, taxes, the financial system, and financial constraints on the federal budget, Kelton dramatically changes our understanding of how to best deal with important issues ranging from poverty and inequality to creating jobs and building infrastructure. Rather than asking the self-defeating question of how to pay for the crucial improvements our society needs, Kelton guides us to ask: which deficits actually matter? What is the best way to balance the risk of inflation against the benefits of a society that is more broadly prosperous, safer, cleaner, and secure? With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT busts myths that prevent us from taking action because we can't get beyond the question of how to pay for it. 'The best book on rethinking economics that anyone will find right now.' - Richard Murphy, Political Economist and author of The Joy of Tax 'A remarkable book both in content and timing. A 'must read' that is sure to influence many aspects of policymaking going forward' - Mohamed El-Erian, chief economic advisor at Allianz 'In the wake of the financial impact of the coronavirus, she's having a moment... she's become a rock star in her field' - Ben Hoyle, The Times