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Yep. MMT is gaining credence because MMT proponents managed to capture the ears of first Bernie Sanders, then of Ocasio-Cortez and other DSA politicians. They have now managed to get MMT written into the DSA canon...
The DSA policy canon is interesting because it differs in idiosyncratic ways from the standard progressive canon. Instead of basic income or an expanded safety net, they endorse job guarantee. Instead of general financial reform they focus on Glass-Steagall. Etc...
These idiosyncracies, especially stuff like Glass-Steagall, lead me to believe that very little ever gets removed from the DSA canon. So no matter how well mainstream economists ever manage to argue against MMT, if DSA people ever get elected, MMT *will* be implemented.
In other words, the left may now have its own version of Lafferite supply-side economics - a heterodox idea that mainstream economists quietly turn up their noses at but which deeply influences the policies that actually get implemented (and which lead to higher deficits!).
This is not to say that MMT is as silly as Lafferite supply-side economics! The jury is still out on MMT, while we know for sure that supply-side doesn't work.
But it seems likely that unless the DSA flames out politically, we WILL get an MMT experiment in America.
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But it seems likely that unless the DSA flames out politically, we WILL get an MMT experiment in America.
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