Stephanie Kelton: Stop Worrying About National Deficits

Stephanie Kelton: Stop Worrying About National Deficits
Image source: CNBC Video Screenshot

Tomorrow evening, Bernie Sanders’ economic advisor Stephanie Kelton, a leading voice behind the push to spend more on progressive priorities, is appearing in the Intelligence Squared U.S. debate on the motion “Stop Worrying About National Deficits.”

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Economic Advisor Stephanie Kelton Debates About The About National Deficits

She's arguing for the motion alongside James Galbraith, who was Executive Director of the Joint Economic Committee in Congress. Arguing against them are Todd Buchholz, director of economic policy under President George H. W. Bush, and Otmar Issing, former chief economist of the European Central Bank.

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Quote from each debater:

Stephanie Kelton

Mark Twain famously told us that it’s often easier to fool people than to convince them they have been fooled. And the American people are often fooled into getting confused about government deficits. The word itself sounds like a problem.

Todd Buchholz

Yes, well, boy, I wish I believed in the tooth fairy. I wish I believe that Elvis still lived, and I wish you could scoff at government debt. I've got a historical question: Was Alexander Hamilton a fool?

James Galbraith

As Keynes said, anything we can actually do, we can afford. If you haven't started worrying about deficits don't start. If you have started, stop.

Ottmar Issing

Without constraints, public spending will run out of control. Expecting public politicians to resist the temptation of free public spending. It's like expecting a dog to sit disciplined before a box of sausages.

What do you think? Tell us in the comments section.

Jacob Wolinsky is the founder of, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at) - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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