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

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.

"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.