Stephanie Kelton, a professor at Stony Brook University and probably America’s best known proponent of Modern Monetary Theory, served on the so-called “Biden Sanders Unity Task Force,” and several of the proposals in that group’s report ended up in Biden’s current stimulus proposal (raising minimum wage, cash payments, billions for fighting the pandemic, extension of unemployment benefits, etc).
Here she talks about the “Deficit Myth” (the myth that it’s always bad) and how an understanding of the true operation of the deficit should be driving our national policy. In a tweet yesterday, Kelton said “$1.9T should have been a floor, not a ceiling in negotiations. It’s clear there will be no GOP support, so Dems are currently negotiating with themselves. They should not hesitate to bump the package to ~$3T. ”