To: sylvester80 who wrote (1120678 ) 2/27/2019 9:57:39 AM From: RetiredNow Respond to The only scam is MMT, which you Socialists have been trying to hoodwink the American public with. Powell just spoke up with pretty clear opinions on how MMT is just plain wrong headed. I'm sure that won't stop you Socialists for dreaming up new ways to fleece the productive citizens, though. You just can't help yourselves."It's Just Wrong" - Fed Chair Powell Destroys MMT Dreams "well, he would say that wouldn't he?" ... "yeah, well, he hasn't got an Economics PhD" ... "he's racist and doesn't believe in climate change." As Bloomberg reminds, MMT argues that because America borrows in its own currency, it can always print more dollars to cover its obligations. As a result, the thinking goes, the U.S. can always run sustained budget deficits and rack up an ever-increasing debt burden. Helping grease the wheels for some MMTers is the expectation that the Fed would keep rates low to contain the cost of servicing America’s obligations . “spend-now spend-later spend-often policy that would use massive annual deficits to fund these tremendously expensive policy proposals.” “The idea that deficits don’t matter for countries that can borrow in their own currency I think is just wrong..." “And to the extent that people are talking about using the Fed -- our role is not to provide support for particular policies,” Powell said. is unworkable and makes some "pretty extreme claims." “U.S. debt is fairly high to the level of GDP -- and much more importantly -- it’s growing faster than GDP, really significantly faster. We are going to have to spend less or raise more revenue.”
