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MMT is used in policy debates to argue for such progressive legislation as universal healthcare and other public programs for which fiscally conservative governments claim not to have sufficient money to fund. Some say such spending would be fiscally irresponsible, as the debt would balloon and inflation would skyrocket. But according to MMT:
https://www.vox.com/future-perfect/2019/4/16/18251646/modern-monetary-theory-new-moment-explained .
https://en.wikipedia.org/wiki/Modern_Monetary_Theory .
https://www.cnbc.com/video/2019/03/01/stephanie-kelton-explains-modern-monetary-theory.html .
>> Money & Macro >>
Modern Monetary Theory (MMT) is a heterodox macroeconomic framework which contends that monetarily sovereign countries like the U.S., U.K., Japan, and Canada (which spend, tax, and borrow in a fiat currency that they fully control) are not operationally constrained by revenues when it comes to federal government spending.
MMT challenges conventional beliefs about how the government interacts with the economy, the nature of money, the use of taxes, and the significance of budget deficits. These beliefs, critics say, are a hangover from the gold standard era and are no longer accurate, useful, or necessary.
Expressed simply, the governments of monetarily sovereign countries do not rely on taxes or borrowing for spending because, as the monopoly issuers of the currency [and constrained only by inflationary risk] they can print as much money as they need. Since governmental budgets do not operate like a regular household’s, their policies should not be shaped by fears of rising national debt.
Expressed simply, the governments of monetarily sovereign countries do not rely on taxes or borrowing for spending because, as the monopoly issuers of the currency [and constrained only by inflationary risk] they can print as much money as they need. Since governmental budgets do not operate like a regular household’s, their policies should not be shaped by fears of rising national debt.
- Large government debt isn’t the precursor to collapse that we have been led to believe it is;
- Countries like the U.S. can sustain much greater deficits without cause for concern; and
- A small deficit or surplus can be extremely harmful and cause a recession since deficit spending is what builds people’s savings.
https://en.wikipedia.org/wiki/Modern_Monetary_Theory .
https://www.cnbc.com/video/2019/03/01/stephanie-kelton-explains-modern-monetary-theory.html .
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