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#TheDeficitMyth

4 posts2 participants0 posts today
Power_to_the_People (he/him)<p>Heterodox economist Prof Steve Keen likens the mainstream’s knowledge level to Ptolemaic astronomy (Earth as the center of the solar system). Accounting-aware economists are out there, but they struggle to break through the babel. The Deficit Myth, by Prof Stephanie Kelton, is a good starting point to learn more. (BTW, every major federal budget reduction in US history was followed by a recession or a depression.) 3/3</p><p><a href="https://mastodon.social/tags/TheFederalDeficitIsOurMoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheFederalDeficitIsOurMoney</span></a> <a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/Deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deficit</span></a> <a href="https://mastodon.social/tags/Economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economics</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a></p>
Power_to_the_People (he/him)<p>The dominant economics paradigm of our time (the “mainstream”) gets many things wrong; one of the worst is that it ignores double-entry accounting. Meaning what, exactly? Well, the federal budget deficit is only the debit side of the currency-creation ledger; the asset side is the supply of US dollars! And mainstream economics doesn't understand this—or teach it! 2/3</p><p><a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/TheFederalDeficitIsOurMoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheFederalDeficitIsOurMoney</span></a> <a href="https://mastodon.social/tags/Deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deficit</span></a> <a href="https://mastodon.social/tags/Economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economics</span></a> <a href="https://mastodon.social/tags/DoubleEntryAccounting" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>DoubleEntryAccounting</span></a> <a href="https://mastodon.social/tags/BothSidesOfTheStory" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BothSidesOfTheStory</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a></p>
Power_to_the_People (he/him)<p>Most people think reducing the federal budget deficit is a good thing. Makes sense, right? I mean, if I’m broke &amp; have bills, that’s bad! But there’s a problem: The analogy between my finances and those of a currency-issuing government is false. Wrong. Illogical. So why do so many people keep getting it wrong? Turns out, they’ve been misled—by economists! 1/3</p><p><a href="https://mastodon.social/tags/TheFederalDeficitIsOurMoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheFederalDeficitIsOurMoney</span></a> <a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/Deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deficit</span></a> <a href="https://mastodon.social/tags/Economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economics</span></a> <a href="https://mastodon.social/tags/DoubleEntryAccounting" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>DoubleEntryAccounting</span></a> <a href="https://mastodon.social/tags/BothSidesOfTheStory" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BothSidesOfTheStory</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mastodon.social/tags/PostKeynesianEcon" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PostKeynesianEcon</span></a></p>
Charlie McHenry<p>Just a reminder of which US political party has historically been the most fiscally responsible — in case you’ve forgotten. <a href="https://connectop.us/tags/USPol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USPol</span></a> <a href="https://connectop.us/tags/USPolitics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USPolitics</span></a> <a href="https://connectop.us/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>politics</span></a> <a href="https://connectop.us/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://connectop.us/tags/NationalDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>NationalDebt</span></a> <a href="https://connectop.us/tags/Deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deficit</span></a> <a href="https://connectop.us/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a></p>
Peter Makholm (Dansk)<p><span class="h-card"><a href="https://mastodon.nu/@LarsHenriksen" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>LarsHenriksen</span></a></span> Jeg overvejer om begrebet om det økonomiske råderum er skabt af politiske økonomer der er lidt interessert i konklusionerne fra Modern Monetary Theory (MMT) men ikke tør, eller vil, forkaste de økonomske teorier deres karriere bygger på.</p><p><a href="https://norrebro.space/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://norrebro.space/tags/dkpol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>dkpol</span></a></p>
Power_to_the_People (he/him)<p><span class="h-card" translate="no"><a href="https://sfba.social/@davidreinertson" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>davidreinertson</span></a></span> <span class="h-card" translate="no"><a href="https://mstdn.social/@DemocracyMattersALot" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>DemocracyMattersALot</span></a></span> Taxation has several functions. First, and foremost, is that it is what creates the value of a currency. The US govt will only accept payment of the tax liabilities it imposes in US dollars, therefore we need them. (If I were to create my own currency, otoh, no one would have any reason to want it.)<br>This is all clearly explained in Prof Stephanie Kelton's book "The Deficit Myth," which I highly recommend.</p><p><a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/taxesdontfundspending" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>taxesdontfundspending</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a></p>
Abuela 🪁<p>“Taxes pay for government spending”. Unless, of course, your government creates its own money - and imprisons any entrepreneur that tries to counterfeit it … <a href="https://masto.ai/tags/LearnMMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>LearnMMT</span></a> <a href="https://masto.ai/tags/StephanieKelton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>StephanieKelton</span></a> <a href="https://masto.ai/tags/BBCReels" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BBCReels</span></a> <a href="https://masto.ai/tags/thedeficitmyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>thedeficitmyth</span></a></p><p><a href="https://www.bbc.co.uk/reel/video/p08jbbry/why-we-need-to-debunk-the-deficit-myth-" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">bbc.co.uk/reel/video/p08jbbry/</span><span class="invisible">why-we-need-to-debunk-the-deficit-myth-</span></a></p>
Don Hawkins - W7DAH<p>Highly recommended audiobook from Libro.fm. <a href="https://mastodon.social/tags/deficits" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficits</span></a> <a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mastodon.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mastodon.social/tags/Librofm" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Librofm</span></a> <a href="https://mastodon.social/tags/audiobooks" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>audiobooks</span></a> <a href="https://mastodon.social/tags/books" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>books</span></a> <a href="https://mastodon.social/tags/StephanieKelton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>StephanieKelton</span></a></p>
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