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nw oh | I hope this doesn't go off the rails too far. I was reading a story about Bidens economic advisor trying to explain Modern Monetary Theory (MMT). It got me thinking by this theory as I understand it we can borrow and spend without consequences because we borrow in our own currency.
If this theory is being used or considered why do we even have income tax? Just print all the money you need/want. Our deficit spending is approaching tax income already just go completely off the cliff and borrow and print it all.
I do not believe in this theory. I think the current policy will work until it doesn't and then it could be catastrophic. I also think it will work as long as the rest of the world is worse off than we are.
Like I said I see the pitfalls in MMT we are seeing it now with inflation. But was told that 5 trillion in debt would send us over the cliff then 10, then 20, then 30. What's to say their is an end?
Just some wet weather thinking and conversation.
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Modern Monetary Theory and taxes
