Ideas worth spreading

The big myth of government deficits

1,987,025 views | Stephanie Kelton • TEDMonterey

Government deficits have gotten a bad rap, says economist Stephanie Kelton. In this groundbreaking talk, she makes the case to stop looking at government spending as a path towards frightening piles of debt, but rather as a financial contribution to the things that matter -- like health care, education, infrastructure and beyond. "We have the resources we need to begin repairing our broken systems," Kelton says. "But we have to believe it's possible."

Government deficits have gotten a bad rap, says economist Stephanie Kelton. In this groundbreaking talk, she makes the case to stop looking at government spending as a path towards frightening piles of debt, but rather as a financial contribution to the things that matter -- like health care, education, infrastructure and beyond. "We have the resources we need to begin repairing our broken systems," Kelton says. "But we have to believe it's possible."

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About the speaker

Stephanie Kelton

Economist, author

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Stephanie Kelton is a leading authority on "Modern Monetary Theory," a new approach to economics that seeks to liberate global policymakers.

Stephanie Kelton | Public Affairs, 2020 | Book

The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy

An introduction to MMT aimed at a general audience. This book debunks six of the biggest myths that undermine prosperity. It focuses attention on the many real deficits in our economy and urges us to apply the MMT lens to solving many of our biggest challenges.

Stephanie Kelton | The New York Times, 2017 | Article

"How We Think About the Deficit is Mostly Wrong"

Deficits have gotten a bad rap. The truth is, every deficit is good for someone. The question is, for whom? And what are those deficits being used to accomplish?

Stephanie Kelton | The Intercept, 2020 | Article

"As Congress Pushes a $2 Trillion Stimulus Package, the 'How Will You Pay For It?' Question Is Tossed in the Trash"

COVID pulled back the curtain, revealing some important truths about what the government can afford and where it ‘found' trillions to support our economy during the pandemic.

L. Randall Wray | Palgrave Macmillan, 2015 | Book

Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems

An early primer on MMT that offers a thorough treatment of the core tenants of Modern Monetary Theory from one of its original scholars.

Stephanie Kelton | CNBC Video Explainer, 2019 | Watch

"Stephanie Kelton explains Modern Monetary Theory"

Stephanie Kelton | Milken Institute Review, 2021 | Article

Chapter Three from The Deficit Myth

A reprint from the New York Times best-selling book The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy.

Learn more

This talk was presented at an official TED conference. TED's editors chose to feature it for you.

Donate to the Modern Money Network to support public understanding of Modern Monetary Theory (MMT).

Donate to Our Money to advocate for public investment using public money.