Here is an interesting interview with Randall Wray on the Real News network. Lots of good stuff here.
In essence, many countries are mired in an underemployment disequilibrium and serious problems with private sector balance sheets, just as Japan was in the 1990s. Fiscal policy is the only thing stopping deep debt deflation and recession/depression. The financial sector needs cleaning up and proper regulation, and much of the private debt needs to be written off or restructured. Randall Wray gives his ideas on a modern monetary theory (MMT) jobs program for the US.