Stephanie Kelton On Biden, Stimulus, And The Myth Of The Big Bad Deficit

Julianna welcomes Stephanie Kelton, Professor of Economics and Public Policy at Stony Brook University, to discuss how the U.S. is currently in one of the worst economic crises we’ve seen in a while... and yet, it’s like pulling teeth to get our lawmakers to provide the funds we need to stay alive. They continue to use scare tactics about deficit spending, even as Americans are being evicted and going hungry. According to Stephanie, there’s no reason to be afraid of investing in the American people through deficit spending. So how should President-elect Joe Biden use that approach to create the best response to the coronavirus crisis?
Stephanie is a Professor of economics and public policy at Stony Brook University. She is a leading expert on Modern Monetary Theory and a former chief economist on the U.S. Senate Budget Committee and advisor to Senator Bernie Sanders in 2016. She was named by Politico as one of the fifty people most influencing the policy debate in America. She’s the author of The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy.
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[HueroVat]

I thank you for putting out information that presents challenging content that the mainstream media will not.

[dannywindham]

Thank you so much for having Professor Kelton on We Must Destroy the myth of the debt and the deficit thank you

[stevewarwick]

Prof. Kelton's 'The Deficit Myth' is an excellent read.

[keithbarrows]

Good answer girl of the best answers I've heard in a long time...

[brianlaroche]

The only trickle down is confetti and some bread crumbs, the wrong ppl balance sheets. Scamers should b in jail

[richardburnett-_]

No attention paid to the closely related and very dangerous problem of the national debt.

[lanadellhatestheclock]

Awesome! #LearnMMT so we can #UniteForANewDeal !

[anthonyp.]

That's the first picture of white homeless family that I've ever seen. They've all been a black families

[sherwoodweisheit]

Well funded Public Health and Education and housing is infrastructure!

[aiynaiy]

It seems all the smartest and level headed people never rise to these positions. Only the crazed sociopaths. Forced to deal with their traumatic memory of someone spilling milk🥛on their pants👖in jr high school.

[pulsarstargrave]

Whenever people talk about Obama's not going far enough in terms of his economic recovery plan, they leave out TWO very important things: 1, Obama bailed out the BANKS and the AUTO industry 2. Obama kept announcing large pledges in FOREIGN AID! On the ground, a lot of average Americans kept saying "Where's MY bailout?!" that's why the Dems got trounced in the mid terms!

[califsherry]

Talking points: 1. Don't vilify the deficit. EVER. Pivot. Every deficit is good for someone. (Private sector asset)
2. We want a balanced economy. What would that look like? What problems do we want to address?
3. Congress has the power of the purse. Collect the votes and the money flows.
4. The grosser the inequities, the harder it is to maintain a full employment economy. Through it's policies, government's job is to deal with inequities.

[smartiepancake]

All of the things Kelton wants MMT policy to provide - employment, cheaper housing, the end of poverty, could be provided more organically by the Single Tax.

[zorrba]

Central banks should *bailout the planet* not banksters. Trillions spent in 2008 financial crisis to bail out the crooks- lets build green infrastructure with that money instead.

[PathfinderHistory]

9:54 The interviewer completely misunderstood the point about deficits. While displaying arrogance.

[sherwoodweisheit]

Ditch QE and do fiscal stimulus and productive infrastructure investment.Also, ditch distinction btw earned vs unearned income

[kennethedwards]

Folks, there's nothing real backing money, since moving off the gold standard. So if they deposit 2k in your account, issued from the federal reserve, who owes whom? Now, it would be wise to invest it in things like infrastructure, and for the provision of real needs, which would give a substantial return on the investment. It is also true if too much money is pumped in, it will lose some value, but that is the least of our worries at this juncture.