"How Will You Pay for the Pony?"

"You might find Clinton's question intuitively reasonable. If you promise to fight for big things, then you should draw a detailed road map to the treasure chest that will fund them all. After all, the money has to come from somewhere.
"But what if I told you that your intuition was all wrong? What if it turned out that the government really could give everyone a pony—and a chicken and car? That is, so long as we could breed enough ponies and chickens and manufacture enough cars. The cars and the food have to come from somewhere; the money is conjured out of thin air, more or less."

In the Los Angeles Times, Stephanie Kelton explains how "Spending precedes taxing and borrowing."