Senate Has a Duty to Denounce MMT, Republicans Say in Resolution
- Pro-deficit doctrine would unleash inflation, 5 senators say
- Krugman, longtime MMT critic, says Republican ideas even worse
Photographer: Andrew Harrer/Bloomberg
This article is for subscribers only.
Five Senate Republicans want Congress to denounce Modern Monetary Theory, a doctrine gaining fans among progressive Democrats, as a menace to the U.S. economy.
The theory, invoked by Democratic Representative Alexandria Ocasio-Cortez of New York -- and the subject of fierce debate among thinkers on Wall Street and beyond -- would result in bigger budget deficits and higher inflation, according to a non-binding resolution. It was backed by five Republican senators led by Georgia’s David Perdue, a former chief executive officer of Dollar General Corp.