Note by James R. Martin, Ph.D., CMA
Professor Emeritus, University of South Florida
Economics
Related Main Page | Political Issues Main Page
The first six chapters of this book dispel the deficit myths and misunderstandings that have shaped our public discourse. The myths include:
1. That the federal government should budget like a household or private business.
2. That deficits are evidence of overspending.
3. That deficits will burden the next generation.
4. That deficits crowd out private investment and reduce long-term growth.
5. That deficits make the U.S. dependent on foreigners such as the Chinese.
6. That entitlements are moving us toward a long-term fiscal crisis.
The real crises are that 21 percent of the children in the U.S. live in poverty, that our infrastructure is graded at a D+, that we have very high levels of inequality, that American workers have experienced no real wage growth since the 1970s, and that we aren't taking climate change seriously enough.
Contents:
Introduction: Bumper Sticker Shock.
Chapter 1: Don't Think of a Household.
Chapter 2: Think of Inflation.
Chapter 3: The National Debt (That Isn't)
Chapter 4: Their Red Ink is Our Black Ink
Chapter 5: "Winning" at Trade
Chapter 6: You're Entitled!
Chapter 7: The Deficits That Matter
Chapter 8: Building an Economy for the People
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See Stephanie Kelton's website for more on modern monetary theory.
Related Summaries and a Book Review:
ASCE. 2001, 2005, 2009, 2013, 2017 and 2021. The Report Cards for America's Infrastructure. (Summary).
Bisin, A. 2020. Book reviews: Public Economics: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy. By Stephanie Kelton. Perseus Books. Journal of Economic Literature (December): 3-5. (Review in the Journal of Economic Literature).
Oser, J. 1963. The Evolution of Economic Thought. Harcourt, Brace & World, Inc. (Summary).
Piketty, T. 2014. Capital in the Twenty-First Century. Belknap Press. (Note and Some Reviews).
Thurow, L. C. 1996. The Future of Capitalism: How Today's Economic Forces Shape Tomorrow's World. William Morrow and Company. (Summary).