This amounts to “Modern Monetary Theory” – the crackpot set of ideas, promoted by advisors to Bernie Sanders and, increasingly, Joe Biden, that claims governments can spend without limit, and only immoral people could possibly object to that. It may be no coincidence this absurd school of thought has the same initials as “Magic Money Tree”.
….
It will end in inflation, a currency collapse and broader financial turmoil.
Probably so, yes.
MMT says that deficits don’t matter. Also, that the moon is made of cheese and everyone can have a pony.
DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS MATTER DEFICITS… —Stephanie Kelton (an advisor to Bernie Sanders)
https://twitter.com/stephaniekelton/status/1044313733600874496?lang=en
Seriously, can we stop with these straw man arguments already. It’s getting tiresome.