“What You Need To Know About The $22 Trillion National Debt”: The Alternative Interview

Ownership of the Gross Public Debt


by Eric Tymoigne


Steven Rattner’s opinion piece in the New York Times and Furman’s interview on National Public Radio are perfect examples of the ideas that MMT want to debunk. Deficits are not normal; deficits crowd out private investment; the public debt is a burden on our grandchildren; our ability to respond to societal problems is limited by the fact that the US government does not have enough money to confront them.

............

The share of public debt held by the domestic private nonfinancial sector has shrunk from 40% of the public debt to 5%. Meanwhile the share held by the rest of the world, especially official institutions, has grown tremendously.



Read more: neweconomicperspectives.org