Imagine an end to Washington spending wars that leave filibustering senators blue in the face. Economist Stephanie Kelton does. She sees a world where the federal government can build a big, beautiful social safety net, strengthen the military and, for good measure, cut taxes on the rich. The government, in her eyes, can spend as much as it wants on anything without the bill coming due. Welcome to Modern Monetary Theory — a bizarro world that might not be as far-fetched as it sounds.
The quick-witted, passionate professor of economics at Stony Brook University in New York has done more than almost anyone to popularize the theory known as MMT, bursting onto the national scene as Bernie Sanders’ chief economist during the 2016 presidential campaign. Now she’s beating the drum at a time when government shutdown brinkmanship is the norm because of spending fights. With the activist left increasingly driving Democratic politics in the age of Donald Trump, Kelton’s ideas will become increasingly relevant as the midterms heat up and the 2020 presidential race takes shape. And Kelton insists there’s a lot for populist conservatives to love here too....OZY
This Economist Wants to Change the Meaning of Money
Molly Fosco
1 comment:
and, for good measure, cut taxes on the rich
As if they don't have enough power already?
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