Let’s get started with an interview with Stephanie Kelton on MSNBC last Night:

Speaking of, Prof Kelton is on Barron’s Top 100 Women in US Finance list.

“There is a very fundamental rethink happening in the way lawmakers are approaching the federal budget-making process,” Stephanie Kelton, 51, tells Barron’s. “They used to start from the premise that every bill should be deficit neutral. That’s changing.”

That’s a consequence, in no small part, of the persistent advocacy of Kelton, a professor of economics and public policy at Stony Brook University and the author of The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, published in 2020. Her goal is to “replace a fake financial constraint with a real inflation constraint” in the minds of policy makers.

She seems to be making progress. When Congress swiftly passed the $1.9 trillion American Rescue Plan in March, just a few months after passing a $900 billion pandemic relief package at the end of December, there was little debate about the impact on the debt. Instead, the arguments focused on whether the economy would “overheat” in response to the extra money, leading to excessive inflation.

Even so, the Biden administration’s recent proposal to pay for a temporary boost in infrastructure spending with a permanent increase in corporate profit taxes suggests that Kelton still has her work cut out for her.

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