YouTube has the video Dr Steph Kelton unpicks dangerous myths about our economy.
Dr. Stephanie Kelton is a professor of public policy and economics at Stony Brook University. She served as chief economist for the Democrats on the U.S. Senate Budget Committee in 2015, and as a senior economic adviser to Bernie Sanders’s 2016 presidential campaign. In 2016, POLITICO named her one of the 50 people most influencing the public public debate in America.
Doctor Stephanie Kelton toured Australia with Becky Bond in November this year to promote a raft of bold economic policies to meet the serious challenges our society is facing.
In this talk, she discusses the problems with how progressives discuss government expenditure, dispels myths about currency, deficits, and tax, and encourages a new conversation about economics that focuses on public good and outcomes for real people.
More people in the USA need to hear this talk, and digest it. I’ll admit that there is a flaw in her easy explanation of the graph she shows about how the government deficits are an exact match for the private sector surpluses, If you are sharp enough to see it, we can discuss it. It does not negate the point she is trying to make, but if you insist on being accurate, you need to understand where it comes from.
Hint: Think about foreign trade deficits. It actually reinforces the point she is trying to make, but it would complicate the explanation. The picture of the three pots on my Facebook page is the one that I use to clarify the picture. It is a standard tool of Modern Money Theorists.
Well, as long as I have gone this far, I might as well show you the image I used in a previous post Stephanie Kelton Explains It All.
There is more explanation of the image in the previous post When Will the White House and OMB Ever Learn About Sector Financial Balances?