As our demands grow bolder—true full employment, the rebuilding of the social safety net starting with Medicare for All, an overdue green and just transition—so will the naysayers’ inevitable refrain: “How will you pay for it?”
Developments in our understanding of monetary theory and the money system has, thankfully, illuminated a path forward out of the trap of austerity: when we understand how money actually works, we know that the obstacles to bold action at a national scale on jobs, healthcare, and climate are political, not economic. So what does a post-austerity left politics look like? How does an understanding of both public and private money creation inform our national visions and our local struggles? How do we shut down liberals who insist on talking about deficits? How do we exit from financialization and crushing levels of private debt? And, ultimately, what are the strategies needed to take on the over-mighty financial sector and turn the power of money creation to democratic social ends?