The Deficit Myth: MMT & the Birth of the People’s Economy

Extra! Extra! Read all about it. @NathanTankus wrote this fine review on Amazon. Please be encouraged to read them all, mark as ‘helpful’ what you find to be helpful, and (if you qualify under their rules) write your own. On A or elsewhere. Spread the word!

One of the most important books written in the 21st Century
Reviewed in the United States on June 10, 2020
disclosure: I work with Professor Kelton on various projected related to Modern Monetary Theory in my capacity as Research Director for the Modern Money Network

The book is just out and I see there are already a couple of people who have claimed to read it who have given the book bad reviews based on their preconceived notions. As someone who played a small part in the book’s construction, and received my copy before official release, I’d like to provide an informed viewpoint on the quality of The Deficit Myth.

This book is masterfully done and a deeply important read for anyone who cares about creating a just society without mass unemployment while responding to the crises of our age such as systematic racism and climate change. Professor Kelton guides readers through what the national debt is, how government deficits are our surpluses (or how the government’s “red ink” is our “blank ink”), what are the real constraints on government spending (the availability of physical resources) and how we can wage trade peace.

It may seem that Professor Kelton’s vision is “pie in the sky” but that kneejerk instinct is based on ignorance and decades of propaganda and not on her expertise or track record. She knows how the congressional budget process works as someone who has worked on the senate budget committee and as adviser to a major presidential campaign. She does readers a great service by giving them insights and anecdotes grounded in that experience. She also has a fantastic track record of being correct when others were wrong. She was right about the fragility of the Eurozone. She was right we weren’t doing enough fiscal policy-wise during the Great Recession. She was right that quantitative easing wouldn’t cause inflation. She was right that the Trump tax cuts, while increasing inequality, didn’t reduce the federal government’s capacity to respond to the next recession- or depression as we’re seeing now. Buy the book and judge for yourself, but keep in mind how many big things Professor Kelton has been right about and read her erudite analysis with these facts in view.

What she has to say is more important than ever during the Coronavirus Depression. Get the truth straight from her and ignore the lazy “readers” on this website.