306 – Does Debt Matter? Would Printing More Money Solve Our Problems?

306 – Does Debt Matter? Would Printing More Money Solve Our Problems?

Author: Doug Hoyes July 11, 2020 Duration: 27:05

When this podcast was recorded on the morning of July 8, 2020 the Canadian government was projected to run a deficit for the year of $250 billion.  By the end of the day, after this podcast was recorded, the Finance Minister was projecting a deficit of $343 billion. That's a lot of debt, and it leads many to wonder how we'll ever pay it back. But a prominent economist, Dr. Stephanie Kelton, says the government shouldn't be concerned with massive deficits as long as they control the printing of their currency. In fact, she argues that the government should spend even more money so that more jobs are created until unemployment is no longer an issue, based on Modern Monetary Theory (MMT). On today's podcast, Doug Hoyes challenges this economic theory by explaining its unintended consequences and real life implications. Yes, we need to help those in need, but MMT may cause more problems than it solves.  You be the judge. He also outlines what our current deflationary environment means for individuals carrying debt. Tune in to this insightful episode!

 

Related Links:

 

Canada Emergency Response Benefit Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html

Federal Finance Minister, Bill Morneau, in his Debt Management Report to Parliament: https://www.canada.ca/en/department-finance/services/publications/debt-management-report/2018-2019.html#s1

President Obama's Remarks on the Deficit and Economy: https://www.nytimes.com/2012/11/09/us/politics/transcript-of-president-obamas-remarks-on-the-deficit-and-economy.html

The Deficit Myth by Stephanie Kelton on Amazon https://amzn.to/2DaT54e

Can You Create Your Own Reality? Podcast #300: https://www.youtube.com/watch?v=PuiP9I6_cMg

Canadian Dollar Chart: https://yhoo.it/2AtXluG

Statistics Canada Consumer Price Index: https://www.statcan.gc.ca/eng/subjects-start/prices_and_price_indexes/consumer_price_indexes


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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