It s Not The Debt We Need To Fix, Stupid! It s Our Thinking
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Opinion | Mad about how little rich people pay in taxes? Here s how to get them to pony up
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In his most recent letter ( Who is perpetuating a false narrative? March 31), David Forstadt correctly restated, and now appears to accept, the major point of my March 25 letter: federal spending has since 1933 not been constrained by the amount of revenue it collects, that is, it does not need to raise revenue by taxing or borrowing in order to spend.
As I stated, this insight was well known to the economists who helped guide the economy, without undue inflation, out of the Great Depression, through World War II, and into the 1960s with its massive public works programs and a moon shot. He glossed over that part of my letter. These economic understandings preceded Modern Money Theory (MMT) by about 50 years.