full transcript

From the Ted Talk by Stephanie Kelton: The big myth of government deficits

Unscramble the Blue Letters

So why are we hearing so much about the need to raise taxes to pay for infrastructure and make other investments in our economy? In a word, deficits. We've all been conditioned to wrroy about deficits, so lawmakers are looking for ways to spend more without adding to the deficit. That's what this whole pay-for game is about. Unfortunately, deficits have gotten a bad rap. They're almost always seen in a nvetigae light. And I would like to change that. When we hear the word "deficit," we probably think of a deficiency or shortfall. A deficit always sounds ominous. So when we hear that the federal gmoeennvrt just ran a three-trillion-dollar budget deficit, it can sound worrying. And it can even anger people. But there's another way to think about government dfcteiis. Just as a six becomes a nine when we view it from a different algne, a government deficit becomes a financial suuplrs when we look at it from another pseeprictve. A deficit hawk might look at this picture and see nothing but a sea of worrying red ink. That's not how I look at it. Here's what I see. I see what's happening on the other side of the government's ledegr. When the government spends more than it taxes away from us, it makes a fainancil contribution to some other part of the economy. Their red ink is our black ink. When you look at it this way, it becomes clear that every deficit is good for someone. The qiuteosn is for whom and what are those deficits being used to accomplish?

Open Cloze

So why are we hearing so much about the need to raise taxes to pay for infrastructure and make other investments in our economy? In a word, deficits. We've all been conditioned to _____ about deficits, so lawmakers are looking for ways to spend more without adding to the deficit. That's what this whole pay-for game is about. Unfortunately, deficits have gotten a bad rap. They're almost always seen in a ________ light. And I would like to change that. When we hear the word "deficit," we probably think of a deficiency or shortfall. A deficit always sounds ominous. So when we hear that the federal __________ just ran a three-trillion-dollar budget deficit, it can sound worrying. And it can even anger people. But there's another way to think about government ________. Just as a six becomes a nine when we view it from a different _____, a government deficit becomes a financial _______ when we look at it from another ___________. A deficit hawk might look at this picture and see nothing but a sea of worrying red ink. That's not how I look at it. Here's what I see. I see what's happening on the other side of the government's ______. When the government spends more than it taxes away from us, it makes a _________ contribution to some other part of the economy. Their red ink is our black ink. When you look at it this way, it becomes clear that every deficit is good for someone. The ________ is for whom and what are those deficits being used to accomplish?

Solution

  1. question
  2. financial
  3. worry
  4. negative
  5. ledger
  6. deficits
  7. surplus
  8. government
  9. angle
  10. perspective

Original Text

So why are we hearing so much about the need to raise taxes to pay for infrastructure and make other investments in our economy? In a word, deficits. We've all been conditioned to worry about deficits, so lawmakers are looking for ways to spend more without adding to the deficit. That's what this whole pay-for game is about. Unfortunately, deficits have gotten a bad rap. They're almost always seen in a negative light. And I would like to change that. When we hear the word "deficit," we probably think of a deficiency or shortfall. A deficit always sounds ominous. So when we hear that the federal government just ran a three-trillion-dollar budget deficit, it can sound worrying. And it can even anger people. But there's another way to think about government deficits. Just as a six becomes a nine when we view it from a different angle, a government deficit becomes a financial surplus when we look at it from another perspective. A deficit hawk might look at this picture and see nothing but a sea of worrying red ink. That's not how I look at it. Here's what I see. I see what's happening on the other side of the government's ledger. When the government spends more than it taxes away from us, it makes a financial contribution to some other part of the economy. Their red ink is our black ink. When you look at it this way, it becomes clear that every deficit is good for someone. The question is for whom and what are those deficits being used to accomplish?

Frequently Occurring Word Combinations

ngrams of length 2

collocation frequency
federal government 4
health care 3
red ink 3
spending trillions 3
black ink 2
fix crumbling 2
raw materials 2
government spends 2
free college 2

Important Words

  1. accomplish
  2. adding
  3. anger
  4. angle
  5. bad
  6. black
  7. budget
  8. change
  9. clear
  10. conditioned
  11. contribution
  12. deficiency
  13. deficit
  14. deficits
  15. economy
  16. federal
  17. financial
  18. game
  19. good
  20. government
  21. happening
  22. hawk
  23. hear
  24. hearing
  25. infrastructure
  26. ink
  27. investments
  28. lawmakers
  29. ledger
  30. light
  31. negative
  32. ominous
  33. part
  34. pay
  35. people
  36. perspective
  37. picture
  38. question
  39. raise
  40. ran
  41. rap
  42. red
  43. sea
  44. shortfall
  45. side
  46. sound
  47. sounds
  48. spend
  49. spends
  50. surplus
  51. taxes
  52. view
  53. ways
  54. word
  55. worry
  56. worrying