M.M.T. Shows the Trillion-Dollar U.S. Deficits Are OK
Last week, a bipartisan group of 60 members of the U.S. House of Representatives sent a letter to congressional leadership, raising concerns about mounting debt and deficits that have come as a result of the federal government’s response to the coronavirus pandemic. “We cannot ignore the pressing issue of the national debt,” they wrote. The letter warned of “irreparable damage to our country” if nothing is done to stem the tide of red ink. Senator Mike Enzi, Republican of Wyoming, chairman of the Senate Budget Committee, echoed their concerns.
It’s an ominous sign for the smaller businesses and millions of unemployed Americans whose survival may very well depend on continued government support in this crisis. While these Democratic and Republican lawmakers stopped short of calling for immediate austerity measures, their …continued .
[Source: New York Times]