Americans are not happy with the economy, and inflation is their No. 1 concern. It’s odd, then, that proponents of Modern Monetary Theory — a school of economics that advocates the kind of policy that has brought the U.S. economy to this point — are claiming this moment as vindication.
To the contrary, the current state of the economy shows that MMT, as it’s known, is less a theory than a disposition. And to the extent it is a theory, it is proving every bit as impractical as its critics charge.