Picture this: You’re home for the holidays, about to dive into that rich, golden-brown pumpkin pie, when suddenly a conversation erupts with your mother-in-law about “deficit reduction” or “Debt Crisis”. We spend too much, she says, indignant. Why can’t the Federal Government pay its bills—I do. A “harrumph!” is implied by the look she’s giving you. What do you say?Working America
Working America’s Second Annual #TurkeyTalk: The Seq-what?-ster Edition
(h/t John Zelnicker in the comments)
I actually did make an opportunity to explain the basics of MMT to my friends when we gathered recently. Took about five minutes and everyone got it instantly. 1) Currency issuer v. currency users, 2) saving is a drag, 3) no problem offsetting demand leakage due to saving drag with deficits and accumulating debt. In attendance were three psychotherapists, a high school teacher, a multimedia developer, a plant scientist, and bank project manager. A pretty diverse crowd with little prior knowledge, even the bank project manager.
I actually did make an opportunity to explain the basics of MMT to my friends when we gathered recently. Took about five minutes and everyone got it instantly. 1) Currency issuer v. currency users, 2) saving is a drag, 3) no problem offsetting demand leakage due to saving drag with deficits and accumulating debt. In attendance were three psychotherapists, a high school teacher, a multimedia developer, a plant scientist, and bank project manager. A pretty diverse crowd with little prior knowledge, even the bank project manager.
1 comment:
And yet our president, congress and the overwhelming majority of economists don't get it. Something's very wrong with that picture.
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