“The core MMT (Modern Monetary Theory – ed) academics have all been tenured (many of us more than once) based on strength of peer-reviewed publications, including heavy empirical/theoretical work. Please rise above this dismissive rhetoric.”
— Stephanie Kelton
“First they ignore you, then they laugh at you, then they fight you, then you win”
— unknown, though often attributed to Ghandi
“The US government doesn’t use income. It generates government “money” when it spends, which becomes income for the private sector.
The federal budget goes through a lengthy process: In general, the President submits a budget to Congress which goes to the budget committees of the House and Senate, then on to budget resolutions. Congress can propose its own budget prior to the President’s. Whether or not spending must be constructed as a bill (legislation) depends on if spending is discretionary, or mandatory.
If spending is discretionary, this requires annual legislation passed by Congress and submitted to the President for signature or veto. If mandatory, spending simply occurs.”
— Ellis Winningham