The Deficit Myth

by | Sep 26, 2023

“The Deficit Myth” by Stephanie Kelton is a groundbreaking exploration of Modern Monetary Theory (MMT), which fundamentally rethinks our perception of economics, deficits, and fiscal policy.

Kelton challenges the traditional understanding of deficits, arguing that they are not indicative of fiscal irresponsibility but are, in fact, essential tools for stimulating economic growth.

The book underscores the pivotal role of the government as the issuer of currency, asserting that the government does not require our money, but we need its money. This perspective upends the common belief that taxes fund government spending. According to MMT, the government could significantly invest more in the economy, supporting initiatives like universal healthcare and free college education, without being constrained by tax revenues.

The book delves deep into complex economic matters such as the roles of the Federal Reserve, taxation, and inflation. “The Deficit Myth” is a comprehensive guide that invites readers to reconsider the economic structures that govern our society and advocates for a paradigm shift in our understanding of money, debt, and fiscal policy.

This is another good book for study and group discussion.

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