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    Modern Monetary Theory Isn’t the Future. It’s Here Now.

    The infrastructure act signed into law last week marked a defeat for the faction of progressive economists in ascendancy in 2020. For these advocates of modern monetary theory, the insistence by both political parties that all the $550 billion of new spending be matched by offsetting revenue, known as “payfors,” goes against their belief that money is merely a tool for government.

    This is a temporary rhetorical setback. The reality is that MMT’s ideas have insinuated themselves deep into government, central banking and even Wall Street—and the infrastructure act is in fact deficit-financed anyway.

    Modern Monetary Theory Isn’t the Future. It’s Here Now. Source link Modern Monetary Theory Isn’t the Future. It’s Here Now.

    The post Modern Monetary Theory Isn’t the Future. It’s Here Now. appeared first on Eminetra.

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