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The deficit myth5/13/2023 Indeed, while the terminology is different, one can make the case that MMT builds on fundamental precepts of Keynesian economics seasoned with a dash of Milton Friedman’s provocations. But as Stephanie Kelton, an economics professor at the State University of New York at Stony Brook and the most visible (and persuasive) advocate of MMT, makes strikingly clear in The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, much of what underpins the theory is widely accepted by mainstream economists - if not mainstream politicians and the public. It’s certainly been used that way by the political left, much as supply-side economics has been used by the right to justify tax cuts for the one percent. If you think Modern Monetary Theory is a rationale for ignoring federal budget deficits and spending whatever’s necessary to fund an ambitious progressive agenda - everything from tuition-free college to Medicare-for-All - you’re correct, in part.
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