Challenging the deficit myth is essential for progress from "summary" of The Deficit Myth by Stephanie Kelton
To challenge the deficit myth is to fundamentally question our understanding of how our economy operates. It requires us to reexamine long-held beliefs about government spending and deficits, and to confront the misconceptions that have shaped our economic policies for decades. By challenging the deficit myth, we open the door to a new way of thinking about fiscal policy, one that is grounded in a more accurate understanding of how money works in a modern economy. The deficit myth tells us that the government must balance its budget like a household, that deficits are inherently bad, and that we must prioritize reducing government spending to avoid economic ruin. This myth has been used to justify austerity measures that have harmed millions of people and stifled economic growth. By challenging this myth, we can begin to see that deficits are not inherently bad, that government spending is not limited by tax revenue, and that we have the power to invest in our ...
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