By Thomas J. DiLorenzo
Sixteen Nobel prize-winning economists are declaring Bidenomics to be a huge success, and predicting economic disaster if Trump is elected. It's all further evidence of the pathetic, politicized state of “mainstream” academic economics.
The letter was specific: Trump policies will be inflationary
Tax cuts and more tariffs will be inflationary
MMT'ers believe that the purpose of taxation is to reign in monetary inflation, so they would see tax cuts as inflationary.
That seems contradictory with the claim that increased tariffs are inflationary. However, if you switch to talking about price inflation, there's a case to be made. Tariffs increase the price of imported goods.
MMT is so irresponsible and intellectually dishonest
The idea is that high taxation reigns in monetary inflation by discouraging commerce?
No, that's more of the neoclassical view.
The MMT position is that you use taxation to directly reduce the money supply. Think money fire.
Money fire 🔥, interesting