Stephanie Kelton reminds via Twitter of Randy's excellent short piece debunking the government-is-a-big-household analogy.
Read it at the Roosevelt Institute (archived)
The Federal Budget Is Not Like A Household Budget: Here's Why
by L. Randall Wray | Professor of Economics, UMKC
(Cross-posted at Naked Capitalism, February 11, 2010)
Bookmark this for the coming political kerfuffle over the debt ceiling, which now seems to have become obligatory due to fiscal conservative craziness.
Stephanie also reminds us of Randy's Deficits Do Matter, But Not the Way You Think (July 20, 2010, Roosevelt Institute, Cross-posted at Credit Writedowns). Bookmark it, too.