Advocating the government print money without worrying about paying the bills to guarantee jobs for everyone, Medicare for all, or the Green New Deal is a dangerous approach being pushed by far-left Democrats, former Barack Obama economic advisor Larry Summers told CNBC.
"This Modern Monetary Theory, where we can guarantee jobs for everybody or have Medicare for all and just rely on money printing to finance it, I think that is quite a dangerous approach," Summers said.
Kelton told CNBC last week that the core of MMT is the idea of government-guaranteed full employment. "What we would do is effectively establish a public option in the labor market," and when companies want to hire they can dip into this pool, instead of bidding up wages for workers who already have jobs, she explained.
* This will guarantee the deterioration of the economics, culture, schools, Society, and the country all together. Yay Dems.
* This will guarantee the deterioration of the economics, culture, schools, Society, and the country all together. Yay Dems.
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