Hey there, Deficit Denier, climb down out of that Magic Money Tree!

Modern Monetary Theory: Real Economics

“Deficit Denier” ??

The accusation of being a ‘deficit denier’ seems to cause real problems for many progressives.  We should meet this accusation head-on.  WTF is a ‘deficit denier’ anyway?  This is the obvious question that needs to be asked. Is anyone denying the UK and US governments spend more back into their economies than they receive in taxation revenue? No-one is. Neither is anyone denying,  during the very rare  times the government is in surplus, the reality that everyone else is then in deficit themselves. Someone has always to be in deficit. What is there to deny?

We try to be deficit comprehenders. Just like Stephanie Kelton’s deficit owls. We try to understand and explain why a sovereign government like the UK can be in deficit for an extended period of time and why the bailiffs aren’t knocking on the door demanding an immediate repayment of all loans.

“Magic…

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One thought on “Hey there, Deficit Denier, climb down out of that Magic Money Tree!

  1. The term deficit denier is used to deride people who understand how deficits work (as opposed to actually arguing with them which would defeat the object by bringing what they’re discussing to the attention of a startled and angry broader community) just as the term currency cranks was used for much the same ends back in the 1940s. Plus ca change, then, except this time… social media 🙂

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