One frequently encounters variations of the phrase "unsustainable debt trajectory" (or similar) in statements by mainstream economists. The phrase is popular as it offers what appears to be a sophisticated criticism of some fiscal policy setting that is disapproved of, but without having any content that can be used to prove the speaker wrong. Modern Monetary Theory (MMT) largely rejects that "debt sustainability" has theoretical validity for a floating currency sovereign. I will focus on the analysis of a paper by Scott Fulwiler to justify this stance....Bond Economics
Why Fiscal Sustainability Is An Unsustainable Concept
Brian Romanchuk
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