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

The infrastructure act signed into legislation final week marked a defeat for the faction of progressive economists in ascendancy in 2020. For these advocates of recent financial idea, the insistence by each political events that every one the $550 billion of latest spending be matched by offsetting income, generally known as “payfors,” goes in opposition to their perception that cash is merely a device for presidency.

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

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