How We Pay for It

“It” being any of the large scale public purpose programs currently under discussion.


How to Pay for the War (PDF)
— John Maynard Keynes, 1940

How to Pay for the Green New Deal
— Yeva Nersisyan, L. Randall Wray, Levi Economics Institute of Bard College May 2019

Podcasts The Green New Deal: Non-Fiscal “Pay-Fors” and Balance of Payments with Nathan Tankus
— Steve Grumbine talks with Nathan Tankus, Macro and Cheese Nov 2019

Modern Money and the War Treasury • Using historical sources, we attempt to unravel and elucidate the economic worldview held by the United States Treasury Department during World War II. We analyze the Treasury’s view of taxation, bond sales, and interest rates. We consider whether and in what ways this worldview is compatible with Modern Monetary Theory, finding that, in most regards, the two align closely, the differences being primarily attributable to the peculiarities of war finance. Finding a less clear view of national debt, an interpretation is offered based on Treasury’s statements. We also offer evidence that this view had a foothold in the era’s news outlets.
— Sam Levey (@DeficitOwls)(@SamHLevy), Global Institute for Sustainable Prosperity (@GISP_Tweets) August 2019


— Simon Metcalf for @SunriseBoston, Andres Bernal @andresintheory, Stephanie Kelton @StephanieKelton, Rohan Grey @rohangrey, Sara Nelson @FlyingWithSara, Pavlina Tcherneva @ptcherneva, Fadel Kaboub @FadhelKaboub, Scott Fulwiler @stf18, Nathan Tankus @NathanTankus, Kate Aronoff @KateAronoff, Robert Hockett @rch371.
May 24, 2019 (unedited) Modern Money NetworkProgram here

How Do You Pay for the Green New Deal? Ask Andrés Bernal • In Bernal’s 2030, it’s a given that everyone who can work has a job.
— Yasmin Tayag (@yeahyeahyasmin), Inverse.com, May 21, 2019

An MMT response on what causes inflation
— Scott Fullwiler (@stf18), Rohan Grey (@rohangrey) Nathan Tankus (@NathanTankus), Financial Times Alphaville, March 1, 2019

PAYGO Is Based on a Fallacy • The U.S. government can dramatically increase spending without raising taxes.
— Pavlina Tcherneva In These Times, Jan 3, 2019

“We Can Pay for a Green New Deal,” Huffington Post
— Stephanie Kelton, Andres Bernal & Greg Carlock, HuffPost

“Deficits, MMT & a Green New Deal: How to Tell When Deficit Spending Crosses a Line,” Bloomberg
— Stephanie Kelton (@Stephanie Kelton), Bloomberg

“The Green New Deal: How We Will Pay for It Isn’t a ‘Thing’–And Inflation isn’t Either,” Forbes
— Robert Hockett, Forbes, Jan 16, 2019


Fadhel Kaboub, “Climate change, Developing Nations, and Hyperinflation in an MMT Lens,” Real Progressives

How We Think About the Deficit is Mostly Wrong
— Stephanie Kelton, NY Times, Oct. 5, 2017