Listen to the political rhetoric…and then look at this.
We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
QUINNSCOMMENTARY 
So are you joining the ranks of the doomsters? Run! The sky is falling!
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Do you buy into MMT?
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No.
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The chart that scares me the most is the US National Debt. It is not the legacy that I want to give my grandchildren. I am not greedy enough to be demanding more in entitlements than what my grandchildren can pay.
The national debt has gone up over half-trillion dollars since the start of the US fiscal year (10-1-20). Who knows how that will change when the government starts printing more money to cover the latest stimulus package / budgets. Current today, it is $27,572,251,000,000 and rising fast. The debt rose $3 million as I wrote this.
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Most people don’t know what the national debt is. Well, why should they care? Do you seriously think that your grandchildren will be sent bills for trillions of dollars? Get serious.
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Yes, get serious. We are talking about much higher taxes and higher inflation, not bills. I suspect you know that.
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Have the last large increases in the debt resulted in higher taxes? Nope. Have they resulted in inflation? Nope.
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So, contrary to what you said, you apparently do buy into MMT. It’s not the increases, it’s the accumulation of total debt.
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Whether recent increases in the national debt have led to higher taxes and inflation is simply a matter of historical fact. Either they have or they haven’t. It is not a question of my theoretical commitments. If your theories lead you to say they have, since that’s false, you need to change theories.
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We are talking the future, right. The problem is historically the debt has never been higher. In addition, when it was high like after WWII, it came down. Our current trajectory is much worse. Don’t take my word for anything. Look at the assessments from the CBO or analysis from the Committee for a Responsible Federal Budget and others. Even the advocates for MMT acknowledge the eventual impact of inflation solved by higher taxes.
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“But their case quickly gets murky. Those who embrace MMT concede that at some point, there arise dangers attendant to too much spending. U.S. Representative Alexandria Ocasio-Cortez, a prominent progressive and an advocate of MMT, admits that when lawmakers “decide to go into the realm of deficit spending, [they] have to do so responsibly.” Kelton, too, acknowledges that the “federal government could try to spend too much into an economy that doesn’t have the room to absorb that much new spending. And you begin to get an inflation problem.” https://www.nationalaffairs.com/publications/detail/does-the-debt-matter
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You seem to think I must accept MMT, to be consistent. But that is not so. I am skeptical about this view that our grandchildren will suffer from our high national debt. I am not making any prediction, myself, about what will happen. You are wrong to infer anything about what I think will happen. I haven’t said.
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