Stephanie Klton’s Substack, The Lens, has the post What Every American Needs to Know About the Congressional “Pay-For” Game (Part 3).
It’s time to stop asking lawmakers, “How will you pay for it?” And it’s time for members of Congress to stop responding to the question with a laundry list of so-called “pay-fors.”
Because it obscures what the budgeting game is really about and because it traps us in the lexicon of the neoliberal household metaphor. It’s bad economics masquerading as “sound finance” that constrains public policy by forcing members of Congress to act as if they need to budget like a household.
If you want to understand the Modern Monetary Theory explanation of how the federal government budget works, there is no better way to learn than from an expert in the topic. Trying to learn it from people who don’t even understand it themselves is not a good way to learn.
Here are the two previous parts, What Every American Needs to Know About the Congressional “Pay-For” Game (Part 1) and What Every American Needs to Know About the Congressional “Pay-For” Game (Part 2).