Professor Stephanie Kelton (former Chair of Economics at the University of Missouri-Kansas City, and economic advisor to Bernie Sanders) explains the term "Deficit Owls," which she coined. Deficit Owls, mostly proponents of Modern Money Theory, recognize that in our current floating exchange-rate system, government deficit spending is the only way for the non-government sector to gain net financial assets. As such, any sovereign currency-issuing government should be deficit spending most of the time.
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