Republican Senators Denounce MMT

This is a short version of the previous post. I submitted it to the Washington Post on May 11. It was not published.
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Five US Senators propose a Resolution to condemn Modern Monetary Theory. They are as misguided as those condemning the Copernican view of planetary motion. MMT takes an enlightened look at economic practices staring us in the face.

Current economic policy depends upon maintaining a consistent level of unemployment to manage inflation. Consider that! Government enforces involuntary unemployment to prevent inflation.

MMT proposes to prevent inflation by assuring full employment with a federal job guarantee. Resource availability demands that deficit spending be limited to that required for full employment. That’s a lot more than currently allowed.

 MMT shows that government spending is not limited by available dollars. It is limited by available real resources that include manpower, raw materials and productive capacity. Households must live within their means; sovereign nations must live up to their means.

Government fiscal austerity has backfired around the world giving rise to tremendous wealth inequality and the consequent rise of populism. The economic insights provided by MMT show that there is room for much more federal fiscal stimulation of the economy.

MMT is backed by decades of study and scholarly publications. The policies proposed by MMT would result in more equitable distribution of wealth, full employment, and maximum use of our nation’s productive capacity. Why would anyone condemn that?