Balancing the budget should not come at the expense of social programs from "summary" of The Deficit Myth by Stephanie Kelton
The idea that balancing the budget should not come at the expense of social programs is a crucial one that challenges conventional economic thinking. In traditional economics, there is a prevailing belief that a government must operate its budget much like a household, ensuring that its expenditures do not exceed its income. This mindset often leads to harmful decisions that prioritize budget balance over the well-being of its citizens. When policymakers focus solely on reducing the deficit, they may implement austerity measures that cut funding to essential social programs. This approach disproportionately harms vulnerable populations who rely on these programs for their basic needs. By sacrificing social programs in the name of budget austerity, policymakers are perpetuating inequality and neglecting their duty to care for their citizens. The truth is that a government's budget is not bound by the same constraints as a household budget. Unlike households, governments have t...
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