Steven Rattner’s opinion piece in the New York Times and Furman’s interview on National Public Radio are perfect examples of the ideas that MMT want to debunk. Deficits are not normal; deficits crowd out private investment; the public debt is a burden on our grandchildren; our ability to respond to societal problems is limited by the fact that the US government does not have enough money to confront them.
Below is an alternative interview to the Furman’s interview that reviews these points. This is the short version that provides quick-bit answers. A long version that provide data and more elaborated answers is available also on this blog (Dear Ms. Cornish, I hope you will forgive me but I will plagiarize you entirely for the sake of this exercise). Continue reading