Commentary
Recently, a couple advocates of Modern Monetary Theory (MMT) wrote in The Hill about “Why we should stop worrying and learn to love the national debt.” This piece was brought to us by the same crowd that had the idea for a trillion-dollar coin a few years ago. The authors lay out objections to common concerns about the growing U.S. debt and deficit. While there are kernels of truth in what they say, they miss the bigger picture—namely that money is ultimately a claim on real goods, services, and resources.
