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Stephanie Kelton Profile picture
@StephanieKelton
Mar 22, 2018 • 3 tweets • 2 min read Twitter logo Read on Twitter
Almost 20 yrs ago (1999), Randy Wray, @mattybram, @ptcherneva and I brought the Center for Full Employment & Price Stability to #UMKC. For two decades, we hosted conferences, advised policmakers, and published volumes of research on the #JobGuarantee.
Our doctoral program produced dozens of students who wrote their dissertations on some aspect of the #JobGuarantee. People like @FadhelKaboub now run their own Institutes with the #JG at the core.
Point is, we’ve been at this a for a very long time. Sometimes it felt like a losing battle. But here we are today with #JG in the headlines every day.

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More from @StephanieKelton

Stephanie Kelton Profile picture
Sep 15, 2018
Government borrowing (debt) is not like private borrowing (debt). Let me explain. 1/x
Suppose I am the government, and I spend 10 greenbacks into the economy. Visualize them flowing from my hands into the economy. Now there are 10 green pieces of paper in the hands of consumers/businesses. 2/x
This is all income to someone. Taxes will be paid on a percentage of that new income. Let's suppose the people send 7 of those greenbacks back to the federal government, in the form of taxes, leaving them with 3 greenbacks. 3/x
Read 8 tweets
Stephanie Kelton Profile picture
Sep 3, 2018
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.
Read 7 tweets
Stephanie Kelton Profile picture
Sep 15, 2017
"There's nothing to prevent the federal government from creating as much money as it wants and paying it to someone." ~ Alan Greenspan
This should not be a controversial observation. We are not on a gold standard. The US government controls its currency.
It's a fiat currency, & the US can issue it at will. It never needs to borrow or tax in order to spend, and it can never "run out of money."
Read 14 tweets

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