The MMT Podcast with Patricia Pino & Christian Reilly cover image

The MMT Podcast with Patricia Pino & Christian Reilly

#178 Building An Economy For The People - Unpacking The Deficit Myth Part 7

Jul 30, 2023
The podcast discusses the role of government in addressing societal issues, criticism of Modern Monetary Theory's view on deficits, the importance of MMT and real resources, understanding inflation and the role of government in mediating conflicts, addressing climate change and the role of government, the importance of democracy in controlling the economy, and the role of government in achieving real outcomes.
01:08:08

Podcast summary created with Snipd AI

Quick takeaways

  • Insufficient government spending and excessive taxation lead to unemployment.
  • Government debt is a stock accumulated from past deficits, and its risk is often misunderstood.

Deep dives

Deficits and Unemployment

Deficits matter because if the government doesn't spend enough to mobilize resources made available through taxation, unemployment occurs. Insufficient spending or excessive taxation creates an imbalance between the private and government sectors, resulting in unemployment. The government needs to counteract private sector activity to ensure sufficient spending for full employment.

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