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Hear the Bern

51 - The Deficit Myth (w/ Stephanie Kelton)

Hear the Bern

Bernie 2020

News Commentary, News, , Politics

4.81.9K Ratings

🗓️ 31 March 2020

⏱️ 50 minutes

🧾️ Download transcript

Summary

Economist Stephanie Kelton gives Briahna a crash course in monetary policy and why the United States would actually benefit from increased deficit spending - so long as it flows toward working people, not stock buybacks. Stephanie makes the case that, in the midst of the historic economic crash that COVID-19 is causing, the federal government could go much farther than last week's stimulus package to ease economic pain and prevent mass layoffs. Stephanie on Twitter: https://twitter.com/StephanieKelton Pre-order The Deficit Myth: https://stephaniekelton.com/book

Transcript

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0:00.0

In nearly every speech, every interview Bernie Sanders has given over the past 30 years,

0:08.0

he's called for us to join the rest of the modern world in offering universal health care, a living wage, and other basic

0:15.6

social supports like free child care and paid family leave.

0:19.8

We're the wealthiest country in the world, he's argued.

0:23.0

Other countries handle it just fine, he's pointed out.

0:26.0

And our people are suffering desperately because we don't have these things.

0:31.0

On paper, we have two major parties in this country. One that

0:35.6

builds itself as believing that the role of government is to support the

0:39.3

well-being of working people and to provide a basic standard of living for all, and another which

0:45.9

believes that government is a hindrance to free markets. But both parties seem united in the belief that when it comes to basic social programs

0:56.6

enjoyed the world over, America is unique and so far as we just can't afford it.

1:05.4

How do we pay for it is the question that has dominated

1:08.5

not just right-wing commentary

1:10.6

about the Democratic primary,

1:12.4

but intra-party discourse as well.

1:15.0

The plan is going to cost at least $30 trillion over 10 years.

1:20.0

That is more on a yearly basis than the entire federal budget.

1:25.0

I don't see any point in taking away Americans choice to have employer-based health

1:32.0

insurance and to force them to pay 33 trillion dollars in taxes.

1:37.0

That is until the coronavirus.

1:44.0

The sheer magnitude of the crisis before us has thrown the stakes into stark relief.

1:50.0

And folks across the political divide are now four water-down versions of the policies

...

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