Is It Time for MMT To Become Mainstream to Save Us from the Second Global Financial Crisis


Some of you will remember that MMT got its first huge mainstream exposure through a Washington Post article written by Dylan Matthews

by L. Randall Wray

He’s just written another excellent story, this time about Stephanie Kelton going to Washington:

Finally, there might be an alternative to the deficit hawk and timid deficit dove lovefest!

As Dylan says: “For years, the main disagreement between Democratic and Republican budget negotiators was about how to balance the budget — what to cut, what to tax, how fast to implement it — but not whether to balance it. Even most liberal economists agree that, in the medium-run, it’s better to have less government debt rather than more. Kelton denies that premise. She thinks that, in many cases, government surpluses are actively destructive and balancing the budget is very dangerous. For example, Kelton thinks the Clinton surpluses are nothing to brag about and they actually inflicted economic damage lasting over a decade.”

Yep, there’s no daylight between a Bush or a Clinton.

Isn’t it pretty funny that if the mainstream Dems get their way, we will get a Bush or a Clinton this time around (again!). Yep, it will be a legacy hire either way, and it makes no difference which one wins–both will do their damnest to limit budget deficits even as the economy falls into the second Global Financial Crisis of this millennium.

There’s now a choice, folks. Just Say No!