Monday, March 29, 2021

Bill Mitchell – US Congress to consider a vote on condemning MMT – signals progress

On March 25, 2021, a member of the US House of Represenatives “introduced a resolution in the House of Representatives this week condemning Modern Monetary Theory, recognizing that its implementation would lead to higher deficits and inflation”, while a “companion bill” was introduced into the US Senate (Source). The full text of the proposed legislation is available – HERE. The Bill is full of factual errors. But I thought the most significant aspect is the ‘authorities’ they call upon for justification. A parade of mainstream economists and progressive economists are quoted to give support for the Bill. And I haven’t seen one disclaimer from those mentioned disassociating themselves from some of the wild inferences that the Bill makes. They have allowed themselves to be co-opted by their silence in this rather tawdry and dishonest exercise. That is not surprising at all.
Anti-MMT propaganda exercise.

Bill Mitchell – billy blog
US Congress to consider a vote on condemning MMT – signals progress
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia


Ralph Musgrave said...

They'll probably also have a vote to condemn Galileo for his absurd idea that the Earth revolves round the Sun.

Andrew Anderson said...

Actually Ralph, the Sun DOES revolve around the Earth if one's coordinate system is Earth centered.