Episode 11: The Deficits Racket Part I -- Single Payer Propaganda War

Citations Needed, a podcast about media, PR, and the history of bullshit, presents the first part of a two-part episode on deficits. Nima Shirazi and Adam Johnson discuss the concept of "deficit trolls" and how the fear of deficits is used to undermine progressive policies. They argue that the media disproportionately scrutinizes the costs of social programs while ignoring military spending. The hosts interview Stephanie Kelton, an economics professor and former advisor to Bernie Sanders, about Modern Monetary Theory (MMT) and how it challenges conventional wisdom on government spending and deficits. Kelton explains that the government doesn't need to collect taxes before spending; it can create money and that the real limit to spending is inflation, not a lack of funds. She also addresses concerns about Social Security's solvency and the national debt, arguing that the U.S. government can always meet its obligations.