Advocating the government print money without worrying about the bills is a dangerous approach being pushed by far-left Democrats, Summers says.
Advocating the government print money without worrying about paying the bills to guarantee jobs for everyone, Medicare-for-all, or the Green New Deal is a dangerous approach being pushed by far-left Democrats, former Barack Obama economic advisor Larry Summers told CNBC Tuesday.
"This Modern Monetary Theory, where we can guarantee jobs for everybody or have Medicare-for-all and just rely on money printing to finance it, I think that is quite a dangerous approach," Summers said in a "Squawk on the Street" interview. Summers points out that he's been arguing for"most of the last decade" for more fiscal stimulus to boost economic growth."But that's not the same thing as saying we can rely on money finance forever for everything."
She subscribes to a flavor of MMT that says governments like the U.S. that can borrow in their own currencies can't run out of money, because money, like bonds issued to finance federal spending, is actually a government promise not a physical commodity.
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