Few words spark more anxiety in public debate than "national debt" and "government deficit." National debt is the total amount of money the government owes, accumulated over years of running deficits.

UNITED STATES - FEBRUARY 02: Stephanie Kelton, chief economist for the Senate Budget Committee's minority staff, picks up copies of President Obama's budget for fiscal year 2016, in Dirksen Building, ...

Good ideas don’t always outcompete bad ones. But willful foolishness usually has a cost. So it is with modern monetary theory. Ironically, this basket of economic fallacies, embraced by policymakers ...

The economist known as the godfather of Modern Monetary Theory is sounding an alarm on the rising fiscal deficit, saying that America is spending like a “drunken sailor.” American economist Warren ...