Modern Monetary Theory will not make budgeting easy. We will always have tough
debates about how to expend/invest our resources. There will
always be liberals and conservatives frustrating each other.
However, we can hope the quality of the debates will improve
because they will be based on knowledge of how national finance
actually works.
Exercise: Imagine a world in which everyone believes that the
science of global warming is fundamentally sound, now laugh at
yourself as you try to believe that in that world there would be
neither anguish nor argument over what to do about it.
A second exercise (a) Fantasize that pranksters take all the taxes gathered by U.S.A. government this year and throw them into the caldron of an active volcano. (b) Fantasize that pranksters take all your after-tax income income for this year and toss it too into the molten lava of a volcano. If you see fantasy-a as harmless and fantasy-b as painful you have seen what Kelton sees.
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