Who is afraid of the big bad debt? a modern money theory perspective on Federal deficits and debt James W. Douglas, Ringa Raudla
By: Douglas, James W
.
Contributor(s): Raudla, Ringa.
Material type: 
ArticlePublisher: 2020Subject(s): DEUDA PUBLICA | DEFICIT PUBLICO | TEORIA ECONOMICA
In:
Public Budgeting and Finance v. 40, n. 3, Fall 2020, 6-25Summary: The U.S. federal government's deficit is expected to grow to over one trillion dollars in fiscal year (FY) 2020, and the national debt held by the public will likely grow to over $16.7 trillion. Budgeting scholars in the field of public administration have expressed concern over the increasing debt levels. The field of public administration, however, is largely unaware of Modern Money Theory (MMT) and the mechanics of money, which is its focus. MMT argues that understanding the mechanics of money in the U.S. financial system should lead scholars to different conclusions regarding the debt and deficit. This article presents the core arguments of the MMT perspective in this regard, with the goal to trigger further debates about debt and deficit among the community of budgeting scholars.
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| Artículos | IEF | IEF | OP 1716/2020/3-1 (Browse shelf) | Available | OP 1716/2020/3-1 |
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| OP 1716/2020/2 Public Budgeting and Finance | OP 1716/2020/2-1 Interlocal collaboration and local fiscal structure | OP 1716/2020/3 Public Budgeting and Finance | OP 1716/2020/3-1 Who is afraid of the big bad debt? | OP 1716/2020/3-2 Sovereign currency and non‐sovereign budgets | OP 1716/2020/3-3 When the interest rate on the national debt Is a policy variable (and “printing money” does not apply) | OP 1716/2020/3-4 Post‐Keynesian public budgeting & finance |
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The U.S. federal government's deficit is expected to grow to over one trillion dollars in fiscal year (FY) 2020, and the national debt held by the public will likely grow to over $16.7 trillion. Budgeting scholars in the field of public administration have expressed concern over the increasing debt levels. The field of public administration, however, is largely unaware of Modern Money Theory (MMT) and the mechanics of money, which is its focus. MMT argues that understanding the mechanics of money in the U.S. financial system should lead scholars to different conclusions regarding the debt and deficit. This article presents the core arguments of the MMT perspective in this regard, with the goal to trigger further debates about debt and deficit among the community of budgeting scholars.
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