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Episode 1: Dean Baker sits down with Stephanie Kelton to unpack the core ideas of Modern Monetary Theory (MMT). Kelton dispels common misconceptions about government spending, emphasizing that the real constraint on public programs is not money, but the availability of real resources like skilled workers and infrastructure.

Whether it is someone getting their social security checks, a defense contractor, a federal workers—every payment the government makes is carried out in only one way—it’s crediting someone’s bank account. And when you credit a bank account—that’s new money creation. When you debit a bank account…it’s the evisceration of a dollar that used to exist.
-Stephanie Kelton

About Stephanie Kelton

  • Professor of Economics and Public Policy at Stony Brook University
  • Former chief economist on the US Senate Budget Committee
  • Author of The Deficit Myth

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