Stephanie Kelton
@stephaniekelton.bsky.social
Author of the NYT bestseller The Deficit Myth. Professor of Economics and Public Policy at Stony Brook University. Writer of newsletter https://stephaniekelton.substack.com/
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The Lens | Stephanie Kelton | Substack
Economic analysis, research, and commentary using the lens of MMT. Click to read The Lens, by Stephanie Kelton, a Substack publication with tens of thousands of subscribers.
stephaniekelton.substack.com
The next 4 years are going to be a rollercoaster. I’ll share most of my running commentary and analysis via my newsletter. Sign up if you’d like to follow along.
stephaniekelton.substack.com
stephaniekelton.substack.com
Reposted by Stephanie Kelton
On the other site @stephaniekelton.bsky.social wrote:
Link to quoted piece:
www.chinabankingnews.com/p/chinese-ec...
Link to quoted piece:
www.chinabankingnews.com/p/chinese-ec...
August 14, 2025 at 2:10 PM
On the other site @stephaniekelton.bsky.social wrote:
Link to quoted piece:
www.chinabankingnews.com/p/chinese-ec...
Link to quoted piece:
www.chinabankingnews.com/p/chinese-ec...
Reposted by Stephanie Kelton
Monthly jobs report - BLS “report preliminary data. Everyone knows it’s just an initial glimpse—i.e. an early estimate that will be revised as more data comes in.” Fed officials often point out “that they don’t want to put too much weight on a single report, … subject to multiple revisions.”
My latest open.substack.com/pub/stephani...
Why Were We Told to Brace for a "Detox Period" if the White House Won't Allow the Data Confirm It?
The Trump administration is blaming everyone and everything that brought us to this point except the people and things that actually brought us to this point.
open.substack.com
August 8, 2025 at 3:59 PM
Monthly jobs report - BLS “report preliminary data. Everyone knows it’s just an initial glimpse—i.e. an early estimate that will be revised as more data comes in.” Fed officials often point out “that they don’t want to put too much weight on a single report, … subject to multiple revisions.”
Reposted by Stephanie Kelton
"PERSON: What does the data show?
ECONOMIST: What do you want it to show?"
ECONOMIST: What do you want it to show?"
My latest open.substack.com/pub/stephani...
Why Were We Told to Brace for a "Detox Period" if the White House Won't Allow the Data Confirm It?
The Trump administration is blaming everyone and everything that brought us to this point except the people and things that actually brought us to this point.
open.substack.com
August 7, 2025 at 9:18 PM
"PERSON: What does the data show?
ECONOMIST: What do you want it to show?"
ECONOMIST: What do you want it to show?"
My latest open.substack.com/pub/stephani...
Why Were We Told to Brace for a "Detox Period" if the White House Won't Allow the Data Confirm It?
The Trump administration is blaming everyone and everything that brought us to this point except the people and things that actually brought us to this point.
open.substack.com
August 7, 2025 at 8:57 PM
My latest open.substack.com/pub/stephani...
Reposted by Stephanie Kelton
Do you want to learn more about our nation's growing deficit and the implications for markets, the economy and geopolitics?
Join us this Thursday, August 7 at 1 PM ET on Reddit for an AMA with our senior banking and finance reporter Leslie Picker.
bit.ly/455vahl
Join us this Thursday, August 7 at 1 PM ET on Reddit for an AMA with our senior banking and finance reporter Leslie Picker.
bit.ly/455vahl
August 5, 2025 at 7:30 PM
Do you want to learn more about our nation's growing deficit and the implications for markets, the economy and geopolitics?
Join us this Thursday, August 7 at 1 PM ET on Reddit for an AMA with our senior banking and finance reporter Leslie Picker.
bit.ly/455vahl
Join us this Thursday, August 7 at 1 PM ET on Reddit for an AMA with our senior banking and finance reporter Leslie Picker.
bit.ly/455vahl
Reposted by Stephanie Kelton
Crypto is all about reinventing the financial wheel.
TradFi should <not> have to relearn lessons about quality of collateral!!!
TradFi should <not> have to relearn lessons about quality of collateral!!!
OK, I'm known to be a crypto bear (& yes, having fun staying poor etc). But if it's just a load of people YOLO-ing money - even if they are doing so in a personally unwise way - it's not a systemic issue really (tho encourages criminality etc). Banks lending against crypto collateral is different...
Keep climbing higher and higher
Contagian
You can take it or leave it
Contagion
But you'd better believe it
on.ft.com/4oiGrCD
Contagian
You can take it or leave it
Contagion
But you'd better believe it
on.ft.com/4oiGrCD
July 22, 2025 at 2:35 PM
Crypto is all about reinventing the financial wheel.
TradFi should <not> have to relearn lessons about quality of collateral!!!
TradFi should <not> have to relearn lessons about quality of collateral!!!
Reposted by Stephanie Kelton
Reposted by Stephanie Kelton
TRANSLATION:
US IMPORTERS TO PAY TARIFFS ON GOODS FROM INDONESIA.
CONGRATULATIONS, EVERYONE.
MAGA.
US IMPORTERS TO PAY TARIFFS ON GOODS FROM INDONESIA.
CONGRATULATIONS, EVERYONE.
MAGA.
US Commerce Secretary Lutnick: The Indonesia deal is 0% on US goods, but includes a tariff on their goods.
July 15, 2025 at 4:26 PM
TRANSLATION:
US IMPORTERS TO PAY TARIFFS ON GOODS FROM INDONESIA.
CONGRATULATIONS, EVERYONE.
MAGA.
US IMPORTERS TO PAY TARIFFS ON GOODS FROM INDONESIA.
CONGRATULATIONS, EVERYONE.
MAGA.
Reposted by Stephanie Kelton
"two first-rate economists, David Cutler and Ed Glaeser, have made a stab at estimating the impact of cuts at NIH. Their analysis suggests that these cuts might save $500 billion in federal spending over the next 25 years — while imposing more than $8 trillion in losses."
For MAGA, Ignorance is Strength
Research cuts aren’t about shrinking government, they’re about killing science
paulkrugman.substack.com
July 15, 2025 at 2:16 PM
"two first-rate economists, David Cutler and Ed Glaeser, have made a stab at estimating the impact of cuts at NIH. Their analysis suggests that these cuts might save $500 billion in federal spending over the next 25 years — while imposing more than $8 trillion in losses."
Reposted by Stephanie Kelton
Nope.
Starting July 25, Bluesky will require users in the UK to scan their face, upload an ID or verify their identity with a bankcard.
I realize that platforms feel they have no choice but to comply with the government surveillance schemes, but shocking nonetheless.
I realize that platforms feel they have no choice but to comply with the government surveillance schemes, but shocking nonetheless.
Bluesky is rolling out age verification in the UK
Bluesky users in the UK can verify their age using their face, ID, or payment card.
www.theverge.com
July 11, 2025 at 12:02 AM
Nope.
💯
Okay thanks.
As student loan debt becomes racialized, it is more associated with deservedness — i.e. welfare queen narratives of taxpayer citizenship
Liberalism likes taxpayer citizenship — bucket of rights purchased by exercising individual freedom to acquire “good” or “bad” debt
As student loan debt becomes racialized, it is more associated with deservedness — i.e. welfare queen narratives of taxpayer citizenship
Liberalism likes taxpayer citizenship — bucket of rights purchased by exercising individual freedom to acquire “good” or “bad” debt
bsky.app/profile/tres...
I'm happy to use that construct! I was just wondering who you had in mind and in what pieces, that's really it.
I'm happy to use that construct! I was just wondering who you had in mind and in what pieces, that's really it.
July 10, 2025 at 6:47 PM
💯
Reposted by Stephanie Kelton
A Big, Bipartisan Betrayal www.levernews.com/a-big-bipart...
A Big, Bipartisan Betrayal
Democrats are using Trump’s apocalyptic bill as a campaign gimmick — and ignoring their role in its cruelty.
www.levernews.com
July 7, 2025 at 10:14 AM
A Big, Bipartisan Betrayal www.levernews.com/a-big-bipart...
Reposted by Stephanie Kelton
BURCHETT: “Trump told me there’s no windmills in China.”
REALITY: As @stephaniekelton.bsky.social points out, if Bumblin’ @RepTimBurchett would use Google he’d see they are the global leader in wind turbine installations.
Q: Has Burchett ever been right about anything?
(h/t @acyn.bsky.social )
REALITY: As @stephaniekelton.bsky.social points out, if Bumblin’ @RepTimBurchett would use Google he’d see they are the global leader in wind turbine installations.
Q: Has Burchett ever been right about anything?
(h/t @acyn.bsky.social )
July 5, 2025 at 9:53 PM
BURCHETT: “Trump told me there’s no windmills in China.”
REALITY: As @stephaniekelton.bsky.social points out, if Bumblin’ @RepTimBurchett would use Google he’d see they are the global leader in wind turbine installations.
Q: Has Burchett ever been right about anything?
(h/t @acyn.bsky.social )
REALITY: As @stephaniekelton.bsky.social points out, if Bumblin’ @RepTimBurchett would use Google he’d see they are the global leader in wind turbine installations.
Q: Has Burchett ever been right about anything?
(h/t @acyn.bsky.social )
Reposted by Stephanie Kelton
If you say deficits are a dire threat to the country but raising taxes is somehow off limits, then you do not actually think deficits are a dire problem.
For 50 years GOP has employed 3 big scams:
*deficits pose dire threat only when Dem is in WH
*tax cuts for rich pay for themselves
*safety net cuts needed to purge welfare cheats
w/this bill, Trump's "working class GOP" is supercharging all three
New piece from me
newrepublic.com/article/1976...
*deficits pose dire threat only when Dem is in WH
*tax cuts for rich pay for themselves
*safety net cuts needed to purge welfare cheats
w/this bill, Trump's "working class GOP" is supercharging all three
New piece from me
newrepublic.com/article/1976...
July 5, 2025 at 2:42 PM
If you say deficits are a dire threat to the country but raising taxes is somehow off limits, then you do not actually think deficits are a dire problem.
Richmond Fed president asks business leaders about Trump’s tariffs and learns that firms are “raising prices not because they have to, but because they think they can get away with it.” www.wsj.com/economy/tom-...
To Understand the Economy, This Fed President Is Ditching His Desk
Tom Barkin is looking for clarity about inflation, tariffs and employment the old-fashioned way: He’s talking to people.
www.wsj.com
July 5, 2025 at 12:56 PM
Richmond Fed president asks business leaders about Trump’s tariffs and learns that firms are “raising prices not because they have to, but because they think they can get away with it.” www.wsj.com/economy/tom-...
Reposted by Stephanie Kelton
I really feel like everyone would have a better understanding of what’s going on if they read @stephaniekelton.bsky.social’s book or watched her documentary. Everything would make a lot more sense!
July 3, 2025 at 12:50 AM
I really feel like everyone would have a better understanding of what’s going on if they read @stephaniekelton.bsky.social’s book or watched her documentary. Everything would make a lot more sense!
And by “touching” they mean pummeling. Rural hospitals will shutter. As many as 13 million people will lose health coverage. Preventable deaths will spike. Political suicide?
Helluva @notusreports.bsky.social scoop showing that Trump has no idea what's in his budget bill. Seems like something that ought to get a lot more attention.
Also this: a republican house member actually admits that they are attacking medicaid. Yes, they are.
www.notus.org/congress/rec...
Also this: a republican house member actually admits that they are attacking medicaid. Yes, they are.
www.notus.org/congress/rec...
July 3, 2025 at 12:37 AM
And by “touching” they mean pummeling. Rural hospitals will shutter. As many as 13 million people will lose health coverage. Preventable deaths will spike. Political suicide?
Reposted by Stephanie Kelton
“In order to truly believe that the Freedom Caucus is going to tank the bill, they’re going to have to actually vote against it. Not hold out, not fold their arms and grumble. Actually vote against it. And we still haven’t seen that.”
@ddayen.bsky.social
americanprospect.bluelena.io/index.php?ac...
@ddayen.bsky.social
americanprospect.bluelena.io/index.php?ac...
July 2, 2025 at 9:21 PM
“In order to truly believe that the Freedom Caucus is going to tank the bill, they’re going to have to actually vote against it. Not hold out, not fold their arms and grumble. Actually vote against it. And we still haven’t seen that.”
@ddayen.bsky.social
americanprospect.bluelena.io/index.php?ac...
@ddayen.bsky.social
americanprospect.bluelena.io/index.php?ac...
Reposted by Stephanie Kelton
Johnson initially voted no on the motion to proceed.
He flipped because of a promise for an amendment for more Medicaid cuts.
The Senate didn't vote on that amendment.
Now he's a yes.
It just wasn't serious that the Senate deficit hawks (outside of Paul) would bolt. They're fakes.
He flipped because of a promise for an amendment for more Medicaid cuts.
The Senate didn't vote on that amendment.
Now he's a yes.
It just wasn't serious that the Senate deficit hawks (outside of Paul) would bolt. They're fakes.
July 1, 2025 at 2:02 PM
Johnson initially voted no on the motion to proceed.
He flipped because of a promise for an amendment for more Medicaid cuts.
The Senate didn't vote on that amendment.
Now he's a yes.
It just wasn't serious that the Senate deficit hawks (outside of Paul) would bolt. They're fakes.
He flipped because of a promise for an amendment for more Medicaid cuts.
The Senate didn't vote on that amendment.
Now he's a yes.
It just wasn't serious that the Senate deficit hawks (outside of Paul) would bolt. They're fakes.
Reposted by Stephanie Kelton
The Senate version of the #BigUglyBill is somehow even worse than the House version
Just cramming more shit into the shit sandwich
Just cramming more shit into the shit sandwich
June 29, 2025 at 2:38 AM
The Senate version of the #BigUglyBill is somehow even worse than the House version
Just cramming more shit into the shit sandwich
Just cramming more shit into the shit sandwich
Reposted by Stephanie Kelton
Sen. Hawley a yes on exactly the thing he says we can’t be doing
June 28, 2025 at 9:04 PM
Sen. Hawley a yes on exactly the thing he says we can’t be doing
Reposted by Stephanie Kelton
Trump's wedding gift to Bezos and birthday gift to Musk were tucked in the new budget bill the Republicans released overnight: A special new tax break for SPACEPORTS.
Oh look a giant tax break for SpaceX and Blue Origin!
SEC. 70309. SPACEPORTS ARE TREATED LIKE AIRPORTS UNDER EXEMPT FACILITY BOND RULES
(allows spaceports to qualify for tax-exempt private activity bond financing)
SEC. 70309. SPACEPORTS ARE TREATED LIKE AIRPORTS UNDER EXEMPT FACILITY BOND RULES
(allows spaceports to qualify for tax-exempt private activity bond financing)
June 28, 2025 at 9:03 PM
Trump's wedding gift to Bezos and birthday gift to Musk were tucked in the new budget bill the Republicans released overnight: A special new tax break for SPACEPORTS.
Reposted by Stephanie Kelton
The energy provisions in the Republicans' One Big Horrible Bill are truly so bad! Who wants this? The country's automakers don't want it. Electric utilities don't want it. Data center developers don't want it. Manufacturers in energy intensive industries don't want it. 🔌💡
June 28, 2025 at 7:50 PM
The energy provisions in the Republicans' One Big Horrible Bill are truly so bad! Who wants this? The country's automakers don't want it. Electric utilities don't want it. Data center developers don't want it. Manufacturers in energy intensive industries don't want it. 🔌💡
Reposted by Stephanie Kelton
The U.S. has seen a manufacturing boom since the Inflation Reduction Act, especially in the emerging Southeastern battery belt. But these projects and associated jobs are potentially at risk with proposed changes to tax credits.
June 28, 2025 at 7:35 PM
The U.S. has seen a manufacturing boom since the Inflation Reduction Act, especially in the emerging Southeastern battery belt. But these projects and associated jobs are potentially at risk with proposed changes to tax credits.