The Deficit Myth and Modern Monetary Theory

The bus stop by my office has a huge debt counter that ominously ticks up and calculates the share of the national debt that each American ‘owes’. With the recent passage of the $1.9 trillion American Rescue Plan, the national debt has come under substantial scrutiny. One of the emerging schools of thought around the national debt is Modern Monetary Theory (MMT). The Deficit Myth by Stephanie Kelton is the “MMT for babies” introduction that I’ve been looking for, and maybe it would answer a personal question: should I be scared of that bus stop ad? Read more