1 August

Thanks to Stephanie Kelton. A government deficit isn’t debt, it’s a transfer of money to the community. A government surplus is the government pulling money out of the community. A government can have as big a deficit as it wants, it already owns all the money. It never has to be repaid, it wasn’t borrowed. Politicians use our lack of understanding of this to justify not providing things we need. Like free childcare, or shelter from a lethal virus, for example.