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Most of the attention on Bernie Sanders’ proposed “Medicare for All” plan has focused on the financial costs of its implementation.

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The biggest threat to our prosperity, to your pension and to the prospects of your children and grandchildren is in all likelihood something that you’ve never heard of. Yet Modern Monetary Theory (MMT), which ironically is neither modern nor a monetary theory, has been setting alight debate on the Left and looks set to form a substantial role in Labour’s interventionist power grab over the economy.

In March, the US trade account balance stood at a deficit of $ 50 billion against a deficit of $49.28 billion in February and a deficit of $47.4 billion in March last year.

Most commentators consider the trade account balance as the single most important piece of information regarding the health of the economy.

According to the widely accepted view, a surplus on the trade account is considered as a positive development while a deficit is perceived in a negative light. What is the reason for this?

In the United States, thanks largely to Bernie Sanders, the term “single-payer health care“ has become more or less synonymous with the phrase “universal healthcare.”

This stems partially from the fact that “single-payer” is the term most often used to refer to foreign systems of universal healthcare, and also because most Americans know virtually nothing about how foreign healthcare systems work.