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Stop Worrying About National Deficits
Hosted By John Donvan
Monday, December 7, 2020 -
12:00 to 13:30
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Monday, December 7, 2020
12:00 PM − 01:30 PM EST
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Upcoming Debate December 7, 2020
Stop Worrying About National Deficits

Governments around the world have spent unprecedented sums — trillions of dollars — to combat the economic impacts of coronavirus. In the United States alone, the national deficit surpassed $3 trillion this year. That’s three times larger than in 2019 and some $2 trillion more than the White House projected back in February. But just what does rising government debt mean for our future? A new crop of economists – adherents to Modern Monetary Theory – have a bold proposition: Don't worry about it. In a modern economy, they argue, deficits are no bogeyman. And they're certainly no excuse to halt state spending on things like education and healthcare. Take Japan, for instance, where the national deficit is a soaring $12 trillion and counting. But others are more wary. They warn that unless political leaders balance the books, soaring federal debt will undermine the nation's economic future and compromise national security and its sovereignty. So, we ask, are rising national deficits cause for concern? 

About The Debaters
For The Motion
An image of James Galbraith
James Galbraith − Professor of Public Affairs & Former Executive Director, Congressional Joint Economic Committee
James Galbraith is an economist and professor of public affairs at the University of Texas at Austin. He was... read bio
An image of Stephanie Kelton
Stephanie Kelton − Economist & Author, "The Deficit Myth"
Stephanie Kelton is the bestselling author of "The Deficit Myth" and a leading authority on Modern Monetary Theory,... read bio
Against The Motion
An image of Todd Buchholz
Todd Buchholz − Former White House Director of Economic Policy & Author, "The Price of Prosperity"
Todd Buchholz a leading expert on the economy, stock market, and politics. He was director of economic policy under... read bio
An image of Otmar Issing
Otmar Issing − Former Chief Economist, European Central Bank
Otmar Issing is a former chief economist and member of the board of the European Central Bank. Issing chaired the... read bio
Main Points
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Against The Motion