OK "fiat money governments are 'spend and tax', not 'tax and spend'," – deficit spending comes first. Chartalists argue that nations are fundamentally different from households – governments in a fiat money system can issue liabilities to pay off debt, and thus (assuming they only have debt in their own currency), need not go bankrupt, unlike households, which cannot issue liabilities."
Although "deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit: in an economic slump, government should run deficits, to compensate for the shortfall in aggregate demand, but should run corresponding surpluses in boom times so that there is no net deficit over an economic cycle – a cyclical deficit only. This is derived from Keynesian economics, and has been the mainstream economics view (in the Anglo-Saxon world especially) since Keynesian economics was developed"
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