1c1
< 3/28/2022
---
> 5/21/2023 (Clarifications added after discussion with Richard Murphy)
27c27
< MMT alone recognizes that the US Government and its agents are the sole supplier of that which it demands for payment of taxes
---
> MMT alone recognizes that the US Government and its agents, including its regulated commercial banks, are the sole supplier of that which it demands for payment of taxes
35c35
< The economy has to sell goods, services or assets to the US government (or borrow from the US government, which is functionally a financial asset sale) or it will not be able to pay its taxes or purchase US Treasury securities.
---
> The economy has to sell goods, services or assets to the US government (or borrow from the US government, which is functionally a financial asset sale) to be able to pay its taxes or purchase US Treasury securities.
63c63
< MMT recognizes that taxation, by design, is the cause of unemployment, defined as people seeking paid work, presumably for the further purpose of the US Government hiring those that its tax liabilities caused to become unemployed.
---
> MMT recognizes that taxation, by design, is the cause of unemployment-defined as people seeking work paid in that currency- presumably for the further purpose of the US Government hiring those that its tax liabilities caused to become unemployed.
67c67
< 1. The US Government imposes tax obligations payable in US dollars.
---
> 1. The US Government by vote of Congress imposes tax obligations payable in US dollars.
79,81c79
< 7. The public debt equals the dollars spent by the state that haven't yet been used to pay taxes.
< 
< 8. After the state has spent those extra dollars, Treasury bills, notes, and bonds can then be purchased, which depletes the accounts containing the dollars the state has already spent.
---
> 7. After the state has spent those extra dollars, Treasury bills, notes, and bonds can then be purchased, which depletes the accounts containing the dollars the state has already spent.  Note: The public debt equals the dollars spent by the state that haven't yet been used to pay taxes.
93a92,93
> 
> The higher the debt/gdp, the larger the fiscal impact of rate policy.