Opinon | We are all Modern Monetarists now. By DanielAlpert.
to reopen without an overhang of unpaid rents, debt service and other obligations that would otherwise put them out of business.
The issue of "balancing the books" with taxes or via the issuance of debt is not only an afterthought — it is not even necessary. Our government holds a monopoly to "issue" the currency, it does not merely "use" it like the rest of us. Except he was wrong. The only way inflation happens is via the volume and velocity of actual economic activity, relative to available economic resources — not via government spending itself, and certainlyAfter all, just look at the disastrous Trump tax cuts, or the deficits under Obama or Bush II. Where was the inflation? The government's spending money, or running deficits, does not ensure heated private sector economic activity — neither always nor everywhere.
Unsurprisingly, MMT is often tied to liberal social agendas. If for no other reason that it holds that we can afford them. And those folks who gravitated to the Republican-led small government, anti-tax movement really don't like the idea of greater government provided employment and social welfare.
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