| makingmusic476 said: A fiat currency gives us an incredible ability to maximize economic growth, we just have to start utilizing it to its fullest potential and stop pretending like our currency is still tied to some other, limited metric. |
I'm skeptical (to say the least) of MMT for the same reason that I am of all strains Keynesianism: it depends on Top Men doing the right thing at the right time and operating in a political vacuum, free from the pressures of special interests or an angry electorate.
But even MMT doesn't pretend that you can engage in absolute fiscal debauchery like the US has been (and probably will be until , since nobody seems particularly serious about getting our financial house in order) for very long without consequence. Ryan's super scary plan isn't going to cut it as is and will likely only get watered down if it's ever implemented, and the Democrats aren't even pretending to care at this point as they openly admit that their none of their proposals will make a dent in the deficit but argue that they're still important to do for the sake of demagoguery "fairness". Maybe things will change after the elections, but I seriously doubt it. It seems to be all campaigning, all the time, and elections two years away are always "right around the corner". No one ever seems to get around to governing.
(And yes, I do actually understand how fiat currency works. I was just making a crack about the fact that our unfunded liabilities dwarf the GDP of Planet Earth.)
