Bard Economist L. Randall Wray on America’s Decade-long Shift from Tea Party to Modern Monetary Theory
Wray, a senior scholar at the Levy Economics Institute at Bard College and a leading thinker in Modern Monetary Theory, recently testified before the House Budget Committee in a hearing reexamining the economic costs of debt. (As a reminder, MMT argues that sovereign governments with their own currency can’t go broke and can spend until inflation becomes an issue.) He told lawmakers this: “We do not have to repay the debt—what we have to do is make the interest payments.” If there were one sentence that captured the drastic change in economic thought over the past decade, writes Bloomberg columnist Brian Chappatta, “that might just be it.”
Post Date: 01-01-2020
Post Date: 01-01-2020