Thread by @StephanieKelton

A core proposition in #MMT is that we can always create whatever money is necessary to maintain a full employment economy. The Federal Reserve building is named after the Fed Chairman who made the same point in 1939. #MarrinerEccles

Here's Eccles--a businessman and a banker--calling B.S. on business leaders and their argument that tax cuts & deregulation would unleash a powerful (trickle-down) effect that would boost output and employment.

Here he is arguing that tax cuts should be aimed at the real job creators--consumers --especially low-income workers. For economic *and* social equity reasons.

MMT 101 #Eccles

Or, as @wbmosler likes to put it, demand leakages (saving, taxes and purchasing imports) have to be offset or the output doesn't get sold.

Ok, this is offensive.

"My sympathies are all with the real interests of labor." ~Eccles #LaborDay