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If Government Can Print Money, Why Does It Borrow?

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  • L. Randall Wray

Abstract

Until Modern Money Theory came along, no one seemed to ask the question--let alone answer it--as to why the US government borrows, given that it can print money. For the past 28 years, we've been answering it in exhausting detail. But it remained a question no one wanted to consider. However, in recent days social media has been ablaze because Jared Bernstein, who is now chair of the US Council of Economic Advisers, appeared to stumble over that exact question in a promotional clip from the newly released documentary Finding the Money.

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  • L. Randall Wray, 2024. "If Government Can Print Money, Why Does It Borrow?," Economics One-Pager Archive op_72, Levy Economics Institute.
    • Handle: RePEc:lev:levyop:op_72
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