MMT Applied: Nice Things We Can Have

Conversations about the nation’s budget should be about spending priorities and the resources necessary to accomplish them: the people, materials and time. Stephanie Kelton introductes the concept with a call to action: Instead of Worrying About Budgets and Deficits, Ask About Impact

The Research

Between Feb & April 2018, the Levy Economic Institute of Bard College published The Macroeconomic Effects of Student Debt Cancellation by Scott Fullwiler, Stephanie A. Kelton, Catherine Ruetschlin and Marshall Steinbaum.

On the subject of a federal job guarantee, Levy published
1.“The Job Guarantee • Design, Jobs and Implementation”
— Pavlina Tcherneva),
2. “Guaranteed Jobs through a Public Service Employment Program”
— L. Randall Wray, Stephanie A. Kelton, Pavlina R. Tcherneva, Scott Fullwiler and Flavia Dantas.
3. “Public Service Employment: A Path to Full Employment”
— L. Randall Wray, Stephanie A. Kelton, Pavlina R. Tcherneva, Scott Fullwiler and Flavia Dantas.

Tcherneva published and continues to add to Frequently asked questions about the Job Guarantee

The Response


The Government Has A Job To Do– Creating Full Employment… And It’s Been Failing At It
— Howie Klein (@DownWithTyranny), DownWithTyranny, April 18, 2018

What If We Didn’t… have any unemployment?
— A.P. Joyce (@AndrewPaulJoyce) Mic, April 17, 2018

U.S. Jobs Guarantee Held Out as Path to True ‘Full Employment’
— Katia Dmitrieva (@@katiadmi), Bloomberg, April 17, 2018

Fadhel Kaboub – Financing the War on Climate Change The Power of Financial Sovereignty. Real Progressive April 16, 2018 (51:01)

The true, accurate, and only answer to “How *EXACTLY* will we pay for Medicare for All?”
— Jeff Epstein (@citizensmediatv), Citizens Media TV, April 12, 2018

Why Democrats should fight for the right to a good job
— Katrina vanden Heuvel (@KatrinaNation), The Washington Post,
April 10, 2018

The Zero Hour
R.J. Eskow talks with Pavlina Tcherneva about the the moral, policy and economic impacts of a national job guarantee. April 8, 2018 (16:38)

The Government Should Guarantee Everyone a Good Job • We have an opportunity to pass a good-jobs guarantee—but we have to start a movement now.
— Ady Barkan (@AdyBarkan), The Nation, April 4, 2018

Steve Breen

A Guaranteed Jobs-for-All Program Is Gaining Traction Among 2020 Democratic Hopefuls
— Kate Aronoff (@KateAronoff), The Intercept, April 1, 2018

‘Reclaiming the State – a Progressive Vision of Sovereignty for a Post-Neoliberal World’ • A challenge to the left to repoliticise on national decision-making
— Anthony Coughlan, Village Magazine(@VillageMagIRE),
March 30, 2018

Food Stamps Aren’t a Substitute for Work. They’re How Low-Wage Workers Avoid Hunger. (#FederalJobGuarantee)
— Kalena Thomhave, @kalenasthom The American Prospect,
March 28, 2018

Data Wonk: A Federal Jobs Guarantee
— Bruce Thompson, Urban Milwaulkee, March 28, 2018

Red and Blue Voters Alike Could Rally Around This Radical Job Growth Idea • Pushing to expand Americorps or supporting a federal jobs guarantee has benefits for everyone.
— Liz Posner @elizpos, Alternet, March 28, 2018

This Democratic Senator Has a Plan to Make College Debt-Free for All.
— Eric Levitz @EricLevitz, New York Magazine, March 25, 2018

The Radical Proposal That Moderate Democrats Should Be Running On (#FederalJobGuarantee).
— Eric Levitz @EricLevitz, Bloomberg Businessweek, March 22, 2018

Why Democrats Should Embrace a Federal Jobs Guarantee
— Sean McElwee @SeanMcElwee, Colin McAuliffe @unburythelead17 and Jon Green @ujonathongreenO, The Nation, March 20, 2018

Killing a Parasite, Part 2 — How to Implement Student Debt Cancellation
— Gaius Publius (@Gaius_Publius), The Smirking Chimp,
March 12, 2018

Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
— Matthew C. Klein (@M_C_Klein), Financial Times Alphaville,
March 10, 2018

Stephanie Kelton on budget deficits and student debt
Financial Times Alphachat Kelton talks with Matt Klein (@M_C_Klein) about how government budgets really work and what large-scale student debt forgiveness might do for the US economy. March 8, 2018 (48:29)

An Economic Bill of Rights for the 21st Century • In 1944, Franklin Roosevelt proposed constitutional amendments to guarantee Americans’ fundamental economic rights. It was never adopted—and today, is more necessary than ever. Here’s an adaptation of his program for our time.
— Mark Paul (@MarkVinPaul), William Darity Jr. (@SandyDarity) & Darrick Hamilton (@DarrickHamilton), American Prospect,
March 5, 2018

The Federal Job Guarantee
Pavlina Tcherneva, Associate Professor and Chair of the Department of Economics at Bard College discusses her job guarantee research, why such a policy is needed, and how it would work, from funding to implementation. In addition, she discusses how this policy would benefit those who are often excluded from full participation in economic and social life, and why a job guarantee is superior to an income guarantee alone. Mar 2, 2018 (1:14:01)

Picture the United States Without Student Debt
— Richard Eskow (@rjeskow),,
Feb 27, 2018

Killing a Parasite — Canceling Student Debt, Part 1
— Gaius Publius (@Gaius_Publius), DownWithTyranny, Feb. 27, 2018

Opinion: Provide Jobs for All and End Poverty
— Chuck Lynd, Columbus Underground, Feb. 26, 2018

The Sanders Institute Talks: Student Loan Debt
Dr. Jane Sanders sits down with economist Dr. Stephanie Kelton to talk about the macroeconomic effects of student loan debt cancellation in the United States. Feb 18, 2018 (25:53)

Stephanie Kelton: Cancel Student Debt to Grow the Economy
R.J. Eskow, host of The Zero Hour, presents the question: “Could cancelling all student debt help everybody, including people with student debt and people who have never gone to college?” Feb 18, 2018 (14:23)

Canceling student debt could be the answer to growing the economy
— Ashley Curtin (@AshlyCurt), Nation of Change, Feb. 15, 2018

How Progressives Can Criticize Trump’s $7 Trillion Deficit Without Preaching Austerity
— Kate Aronoff (@KateAronoff), In These Times, Feb. 13, 2018

Want To Stimulate The Economy? Cut Student Debt–Not Taxes
— Ben Schiller (@btschiller), Fast Company, Feb. 12, 2018

More Support For Student Debt Cancellation
— Gaius Publius (@Gaius_Publius), Down With Tyranny, Feb 10, 2018

We Must Cancel Everyone’s Student Debt, for the Economy’s Sake
— Eric Levitz (@EricLevitz), New York Magazine, Feb. 9, 2018

Canceling $1.4 trillion in student debt could have major benefits for the economy
— Jillian Berman (@JillianBerman), Market Watch, Feb. 8, 2018

New Study Finds Cancelling Student Debt Provides Broad Economic Benefits at Low Cost
— Yves Smith (@YvesSmith), Naked Capitalism, Feb. 7, 2018

Want to grow the US economy? Cancel student debt, new report shows
— A.P. Joyce (@AndrewPaulJoyce) Mic, Feb. 6, 2018

The case for erasing every last penny of student debt
— Ryan Cooper (@ryanlcooper) The Week, Feb. 2, 2018

Radical Imagination: Imagining Economic Democracy. Host Jim Vrettos of Manhattan Neighborhood Network, introduces Richard Wolff and Stephanie Kelton, Feb 2, 2018 (57:59)

The Macroeconomic Effects of Student Debt Cancellation
— Dr. Stephanie Kelton (@StephanieKelton), Dr. Scott Fullwiler (@stf18), Dr. Catherine Ruetschlin, Dr. Marshall Steinbaum, The Sanders Institute, Feb, 2018


The Job Guarantee & Social Justice (w/ Pavlina Tcherneva)
— Pavlina Tcherneva (@ptcherneva), Adam Simpson (@Adam Simpson), Cecilia Gingerich (@c_gingerich) The Next System Podcast (with transcript), Dec. 20, 2017

What Modern Monetary Theory Can Teach Us about Criminal Justice
— Raúl Carrillo (@RaulACarrillo), Tropics of Meta, July 6, 2017

It’s Time for the Government to Give Everyone a Job
— David Dayen (@DDayen), The Nation, May 19, 2017

“The Job Guarantee” featuring Pavlina Tcherneva
Jacobin Filmmaker: Rebecca Rojer 2017 (14:02)

5 Reasons Why a Federal Job Guarantee Makes Sense
— Mark Paul (@MarkVinPaul), William Darity Jr. (@SandyDarity) & Darrick Hamilton (@DarrickHamilton), In These Times, Feb 7, 2017


“MMT: A Job Guarantee Would Bring Unemployment to Zero”
— Pavlina Tcherneva Deficit Owls Aug 15, 2016 (4:29)


How the U.S. Government Could End the Student Debt Crisis Today • Instead of loaning students money, the federal government could just pay for their tuition, without causing any significant economic problems
— Raúl Carrillo (@RaulACarrillo), Yes Magazine, Nov 12, 2014

Why Banking at the Post Office Could Be a Better Option Than Payday Loans—and Wall Street • USPS used to offer financial services. Proponents say that bringing them back could buffer us from financial meltdowns and alleviate poverty. Here’s why it just might work.
— Raúl Carrillo (@RaulACarrillo), Yes Magazine, Aug 6, 2014

Five Economic Reforms Millennials Should Be Fighting For: Guaranteed jobs, universal basic incomes, public finance and more
— Jesse Myerson (@JAMyerson), Rolling Stone, Jan 3, 2014