Embed Notice

@uspolitics

The basis for right wing tax policy is fallacious. The government does not borrow to fund itself. Federal spending *creates* money, taxation *culls* money.

What is mistakenly called debt and deficit, represents the money supply and its growth. In order to support the interest overhead of private credit (money creation), this deficit must be positive. The size of your bank balance is a tiny part of the “debt”, the money supply.

🧵

#SteveKeen #mmt