Warren Mosler urges progressives to quit being deficit chickens and embrace MMT instead.
"The few lonely progressives, who do understand all this and have stayed the course with the progressive agenda, are those who recognize what has come to be known as Modern Monetary Theory (MMT). It is these MMT progressives who realize that a currency like the U.S. dollar is a simple public monopoly, and that the following are facts of actual monetary operations:
- Federal taxes serve to regulate aggregate demand, not to raise revenue per se.
- Federal borrowing serves to regulate the term structure of interest rates, and not to fund expenditures.