Deficits can be a tool for achieving social justice from "summary" of The Deficit Myth by Stephanie Kelton
Deficits are often viewed as a negative aspect of government finances. They are seen as a burden that must be reduced or eliminated in order to achieve a healthy economy. But what if deficits were not inherently bad? What if deficits could actually be a tool for achieving social justice? This concept may seem counterintuitive at first, but it is a central theme in understanding modern monetary theory.
The prevailing belief is that the government must balance its budget like a household, spending only what it can afford. This belief leads to austerity measures that cut social programs and limit government spending, all in the name of fiscal responsibility. However, this approach ignores the fact that the government has the power to create money out of thin air. Unlike households, the government can never run out of money.
By embracing deficits as a tool for achieving social justice, we can shift our focus from balancing the budget to balancing the economy....
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