Likewise, Ocasio-Cortez has forced elites on both sides to at least grapple with the economic tenets of modern monetary theory. MMT, as it is known, suggests that a government with its own currency does not need to raise taxes in order to increase spending. So far MMT has faced strong pushback from elites of the left and right. But its basic contention, that deficit spending isn’t as bad as you have been led to believe, is gaining support.
These two propositions — that the government should check the power of private-sector billionaires and should spend freely to alleviate social ills — form the core of the classic leftist platform. And these positions are becoming more influential, not less, in the Democratic Party....Bloomberg Opinion
Democrats Will Profit From Trump's Populism
Karl W. Smith
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