Apropos of my previous post, New Economic Perspectives has the article Is It Time for MMT To Become Mainstream to Save Us from the Second Global Financial Crisis of the Millennium? by L. Randall Wray.
In the New Economic Perspectives article, Wray is commenting on a Vox article Bernie Sanders opens a new front in the battle for the future of the Democratic Party by Dylan Matthews.
As Dylan says: “For years, the main disagreement between Democratic and Republican budget negotiators was about how to balance the budget — what to cut, what to tax, how fast to implement it — but not whether to balance it. Even most liberal economists agree that, in the medium-run, it’s better to have less government debt rather than more. Kelton denies that premise. She thinks that, in many cases, government surpluses are actively destructive and balancing the budget is very dangerous. For example, Kelton thinks the Clinton surpluses are nothing to brag about and they actually inflicted economic damage lasting over a decade.”
Yeah, Bernie Sanders. Now if Bernie and Stephanie can turn Elizabeth Warren into an MMTer, we’ll know we are really making progress. As a constituent of Warren’s, I have tried to use what little influence I have to get Warren thinking about MMT.