MMT Promotes A Narrative of Opportunity

 I'm not going to lie economics is not my strong suit, numbers do not like me, and I am not an economist. Therefore, I will admit that the reading this week was a little more challenging for me to digest than it may have been for others. After slugging through the chapters, I wanted to ensure I understand the concepts and prime takeaways from what I have read. I turned to other MMT articles online and youtube videos to make sure something stuck and made basic sense.


Within the first few pages of The Deficit Myth, it is stated that my belief of how the economy works and how money works will be challenged and turned upside down. It is safe to say that this is a true statement. I have spent my whole life hearing that debt is a bad thing and that my taxes go towards paying for everyone else's stuff.  Some common phrases I've heard include: "Why should my taxpayer dollars pay for those in prison," as well as, "My tax dollars are paying for those on welfare to be lazy." Talk about shame and blame in sentences if it's not an accurate statement. Reading that debt and deficits aren't entirely bad and are beneficial, and taxes create demand for money, and the government does not need my money to fund anything takes a minute for me to wrap my head around. Not to mention learning that money can be created whenever it is needed and that we can never really go broke is a weird concept. The idea of their red ink is our black ink is also strange to think about. I've spent my whole life not questioning the complexity of money handling and not tapping into the nitty-gritty cogs of government financials. I've spent my life hearing financial words and phrases thrown around but never really thought about it. Hailing from poverty, I am afraid to say I fall into the category of doing and thinking about things because I was taught it is the only way. Sometimes, I truly believe I am hearing things for the first time which is slightly embarrassing. 


The idea of shifting economic thought from one linear pattern to a more holistic one seems to make sense. Being able to better understand how we can best deal with crucial issues ranging from poverty and equality, to creating jobs, expanding health care coverage, climate change, and building infrastructure through MMT is an attractive vision. The MMT lens seems to propose a more just economy that works for many and not just a few. So, If the federal government does not need to balance its budget like a household why aren't we spending more on social services and other important entitlement programs? I am hoping to learn more about what this looks like in action and its effects on policy. How can we convince others/voters that we do not have to cut from other programs or increase taxes to expand social welfare? Maybe I'm late to the party and others can give me more information about this.  


I don’t have a whole lot more to add to this post as I am still thinking about the information and concepts I have read and watched. I'm not afraid to share that this is a subject I am really weak in but can see the significance. Nonetheless, I’m glad to hear that our national debt is a big nothing burger and not as big of an issue as it is being presented to us in the media. 

Comments

  1. Melissa RichardsonMarch 5, 2021 at 11:30 AM

    Dani,
    Even after reading the first 4 chapters of this book I am beyond perplexed when I think about how our government has not done anything even when there is evidence they need to do something. As social workers we are trained to follow the research that is being done in order to operate with integrity and competence. This could us looking at what EBP to use for what client based on the most up to date research of the moment, statistical data on current trends within our society, etc. We as social workers are trained to look at both the positive and negative changes within our society and alter our practices based on those trends. So, how in the world does the government and those appointed to make life altering changes within our society NOT know how this stuff works? And more scary do they actually know and simply not care who gets hurt in the process. Either way it's disheartening to see a fairly simple solution be available and not one in charge so to speak take action.

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