In the first part of this series, we explained why MMT should be seen as a political problem rather than just an educational one. In this concluding part, we will discuss where MMT promotion is most likely to fail or have good chances of success. First, consider some poor prospects.
All readers of NEP know how Social Security works and it seems like a natural for MMT. But is it? Wall Street sees the program as a leak from what should be their profitable money flow. For years, the former investment banker and secretary of commerce under Ronald Reagan, Pete Peterson, kept forecasting its failure. George W. Bush tried to fix the leak by privatizing it. Arguing the virtues of MMT for Social Security is a sure way to stir up Wall Street bees that are quiet at the moment.Continue reading