With big spending plans coming from potential Democratic candidates for president, we spoke with Stephanie Kelton, a proponent of Modern Monetary Theory, the economic rational cited by rising political stars like Rep. Alexandria Ocasio-Cortez D-N.Y.
Kelton currently works as a professor of public policy and economics at Stony Brook University. Previously, she served as chief economist for the Democrats on the U.S. Senate Budget Committee and was a senior economic advisor toBelow is the Q&A with Kelton, edited for time and clarity. She was being interviewed for a CNBC Digital video.You wrote an article in The New York Times. It was titled,"How we think about the deficit is mostly wrong.
But the deficit can also be too small. It can be too small to support demand in the economy and evidence of a deficit that is too small is unemployment. So, deficits can be too big, but they can also be too small. And the right level of the deficit is the one that gets you a balanced overall economy. The one that allows you to achieve high levels of employment and low inflation.Where does growth play into this? You're saying high unemployment means that the deficit might be too small.
So what that means is that the federal government is nothing like a household. In order for households or private businesses to be able to spend, they've got to come up with the money, right? And the federal government doesn't have to behave like a household. In fact, it becomes really destructive for the economy if the government tries to behave like a household. You and I are using the U.S. dollar.
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