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I managed to make it about halfway through an (interminably long and abstruse) article about “Modern Monetary Theory” by a proponent of “Universal Basic Income.” His theory is that the feds do not need to tax, or even borrow, to spend. “it can just spend,” thanks to MMT.
The theory is that government can spend whatever it wants, on whatever it wants to, with neither taxes nor borrowing. It then “uses” taxes to “manage” the supply of its made up money. He cites as an example of this utopia the Biden Admin’s recent trillions spent on “relief.”
I was struck by a revelation- I used to think this way, too. I wondered why there was money- why couldn’t people just get whatever the needed when they needed it for free. I pondered it mightily.
Then? I got to the third grade, and began to figure it all out.
Then? I got to the third grade, and began to figure it all out.
