Describing the Deficit Stephanie Kelton is a Professor of Economics and Public Policy at Stony Brook University focusing on monetary policy and public finance. In this interview, she explains modern monetary theory (MMT) and clarifies some of the myths surrounding spending deficits, especially concerning the U.S. federal government's massive debt. MMT is a change in the way the government explains its deficit, Kelton says, and is important for politically justifying big expenditures. When it comes to the health of democracy, Kelton argues, fear of contributing to the deficit means the U.S. has not been able to enact the big policies to help those left behind.

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