As if US history began in 1945. /s
We've been deeper in debt, less literate, less equal, less patriotic, and the political system has been more broken. None of items the article brings up are actually new or unprecedented.
this post was submitted on 06 Feb 2024
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United States | News & Politics
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This is fair, but was the US the undisputed global superpower then?
Uhm, no logic allowed in the radleft circlejerk. Consider this your only warning
- national debt
🙄 stopped reading
While private debt is the biggest concern for US, government debt does actually matter because as debt payments go up then less money is available for government programs. You can read detailed explanation regarding the mechanics of this here if you're interested https://geopoliticaleconomy.com/2024/01/12/debt-neoliberalism-radhika-desai-michael-hudson/
Does this conflict with MMT? Or am I misinterpreting
It does because MMT states that the government can just issue currency without any consequence. However, we now have plenty of evidence that there are indirect negative consequences associated with this policy.
So why do I hear so much about MMT if it's so easily disproven? Is it just a baby leftist thing?
MMT has basically been the dogma that all western mainstream economists subscribe to. Every time there's an economic crash, which happens roughly once a decade, more currency is issued to keep financial institutions afloat. We're now starting to see the results of this policy manifest themselves all around us.
I will see america fall in my lifetime inshallah