Modern Monetary Theory, or MMT, is unlimited federal spending, borrowing, money printing, inflating, taxing, and regulating. It’s not only Bidenomics, which was fully adopted in 2020; it’s Obamanomics, which is Democratanomics.
They think revenue doesn’t restrain them in any way.
The crackpot theory of endless borrowing wrecked the economy and the Democrat presidency.
Newt Gingrich refers to the so-called Modern Monetary Theory as big government socialism. It is.
“Under MMT, the crisis never ends. Proponents posit that because the dollar is the world reserve currency. The Treasury can sell bonds at low interest rates. Uncle Sam can spend and borrow limitlessly with no economic risk. As Stephanie Kelton, an economist at Stony Brook University, put it: “Deficits can help us fight a myriad of problems that plague our economy—inequality, poverty and unemployment, climate change, housing, health care, and more,” wrote Art Laffer and Stephen Moore in the Wall Street Journal.
“Free-market economists scoffed. History is littered with nations that tried to spend and borrow their way to prosperity: ancient Rome, interwar Germany, Argentina, postwar Britain, and more recently, Bolivia, Mexico, Zimbabwe, Greece, and Venezuela.
“But on the left, MMT caught on as an explanation for why Barack Obama’s nearly $800 billion stimulus plan in 2009 failed to yield anything like the promised 4% annual growth. They said the spending wasn’t enough,” they wrote in the WSJ.
Not Modern And Not a Theory
It’s not modern, and it’s not theory. Misguided economists have been doing this for eons despite common sense, and it always fails. For Democrats, it was a dream come true.
Modern Monetary Theory (MMT) is not modern and is not a theory. It has been implemented all over the world and only created massive inflation and poverty. pic.twitter.com/XBvLrV58VM
— Daniel Lacalle (@dlacalle_IA) February 28, 2023
Larry Kudlow said, “Some common-sense principles contradicting Joe Biden is that you can’t tax your way into prosperity, nor can you inflate into prosperity, nor can you devalue your currency into prosperity.“
“Should the Democrats regain the White House and Congress, they’ll hold middle-class tax cuts hostage to a huge overall tax increase.”
Democrats Want to Tax Assets
“Left-wing luminaries such as Senators Elizabeth Warren and Ron Wyden are in favor of imposing a wealth tax on anybody making $50 to $100 million.
“They and many other Democrats would be perfectly happy with an unrealized capital gains tax.“
In other words, they want a tax on every asset you own. And they want to tax it every year. They will do this even though it’s your home, in your garage, hanging on your living room wall, or taking up space in a safe.
“Unfortunately, last week’s Supreme Court decision leaves the door open to that wealth-confiscating idea. And, as we have noted, the latest Congressional Budget Office baseline scorecard shows $2 trillion deficits as far as the eye can see, leading to a $51 trillion federal debt by the end of the next decade,” Kudlow said.
“A tidy borrowing sum that would amount to 122% of GDP. In peacetime, no less, without any emergency.”
Apparently, history doesn’t teach us a thing.
Canada is making the same mistake.
New federal debt since 2020: $354B.
Share of it bought by central bank: $302B — or 84%.
Face it: this government has embraced the crackpot “Modern” Monetary Theory of paying bills with printed cash.
A modern idea that’s thousands of years old. pic.twitter.com/0AhSPrKOfk
— Pierre Poilievre (@PierrePoilievre) April 22, 2021
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We now have the Cloward-Pivin strategy fully implemented.
Cat, you are in the minor leagues. Before I retired, I was making $320 per hour and this was back in the late 1990’s. Crawl back under that rock …
I was reading a book recently and devaluing the money was being done even before Jesus Christ was born. It is nothing new but I have to admit that U.S. tyranny has d*mn near perfected the practice. If you will notice, every time a dollar changes hands some government entity(s) take their cut. It is no more than a Mafia protection racket. A person has to be almost brain dead to not see what is going on. But the party of Democracy has made zombies of those brain dead. They use them to full effect along with all of the voter fraud in elections that are” the most secure in the history of the nation.” No hot shot ever gets charged for his crime but Donald Trump. He is no more corrupt than those that are hounding him like a pack of dogs. We, the U.S., truly are a third world nation headed to a fourth world nation.
(Reavill wrote another one of his junk pieces here in recent months on debt, pretending to prove that debt cannot cause a collapse.)
If we took all of the money from the rich, there would not be enough to spread around, and investment would drop hard, causing a depression.
No idea where this figure come from.
All thought the presenter is making a good point.
“New Federal Debt Since 2020 = 354B”
According to US Debt Clock
US National Debt 2020 = 28 Trillion
89,922 per citizen 258,303 per tax payer
US National Debt Current = 34.852 Trillion
103,438 per citizen 266,952 per tax payer
354B seems a little low I’m pondering
USDebtClock.org