The rigid stances of Modern Monetary Theory’s devotees and detractors have not lent themselves to productive discussion. This is a serious loss for policymakers, because MMT includes both problematic propositions and perfectly reasonable – even highly useful – ones.
NEW HAVEN – When Democratic Senator Joe Manchin announced that he would not support US President Joe Biden’s Build Back Better Act – effectively dooming the president’s signature legislative initiative – he cited America’s “staggering debt.” His concerns echoed those of Biden’s Republican opponents, who insist that all that spending would expand the deficit and leave future generations groaning under the weight of a heavy tax burden.
NEW HAVEN – When Democratic Senator Joe Manchin announced that he would not support US President Joe Biden’s Build Back Better Act – effectively dooming the president’s signature legislative initiative – he cited America’s “staggering debt.” His concerns echoed those of Biden’s Republican opponents, who insist that all that spending would expand the deficit and leave future generations groaning under the weight of a heavy tax burden.