The idea that “taxpayer money” is the only thing that pays for federal spending is not just economically inaccurate, it is a profoundly sinister and insidious one for our society. It further enables and promotes the neoliberal “monetarist” austerity economics that guarantees that the people will never ACTUALLY GET the big programs that we need to NOT DIE, suffer, or go bankrupt.
“As far as what specifically would happen if the world stopped using the United States dollar for oil? The answer is, “Very little.””
An MMT tutorial in tweets.
Full transcript of interview with Graham Elwood.
Federal taxes do not fund federal spending.
Federal spending funds federal taxes.
A conversation about MMT and the progressive movement.