John,
Here’s what I’m reading this week: The Deficit Myth by Dr. Stephanie Kelton.
The past decade, Republicans and corporate Democrats alike have told us that we can’t “afford” social programs due to the federal deficit. The pushback is always the same: they say we can’t afford to expand social security, public housing, or federal jobs programs because of the deficit.
But Dr. Kelton explains that this is a myth, pushed by politicians who want to enact austerity.
I know it may sound counterintuitive. We’ve been told for decades that our country is broke, and that spending on social programs will mortgage our children’s future.
In fact, Chris Coons has repeatedly pushed this myth for his entire tenure in the Senate.
This is all false, and Dr. Kelton does an expert job of outlining how our public money system actually works.
When Congress wants to pay for something, it passes a spending bill. That bill directs the Federal Reserve, the government’s bank, to provide the money. This is precisely how we fund increases to the defense budget or stimulus funds for corporations. And no one asks how we’re going to pay for those things.
We need to elect Senators who understand how deficits work and our public money can be used to benefit the people and build a prosperous society. Instead of continuing to enrich the wealthiest 1%, we can build an economy that works for all.
- Jess
PS: I’m the only Delaware Senate candidate who supports using our public money to expand Social Security, enact Medicare for All, and guarantee a dignified standard of living to everyone in this country. If you are able, can you chip in to help us take the fight for people-centered government to the Senate?
