MMT tells us how money is made and government is financed. We’re fine with it so far. It’s the next leap that worries – if government can just print to spend then of course it should until the economy is at full capacity.
This, at least, is my worry about it. Telling the politicians they’ve a blank chequebook until inflation appears worries. Partly simply because I desire a small government polity. But rather more because of this:
That the government should borrow extra funds to get the economy back on track is clear. That it is capable of borrowing wisely, and for a greener future, is in doubt.
Government’s simply shit at spending money. Whether they’ve printed it or borrowed it, they’re shit at the doing things with it. Therefore we want them to direct fewer of the collective resources, not more.