Then the Gov. added$2.2 more to the deficit with the CARES Act. To this we might add the trillions of $$ that the Fed. has dumped into the economy by its actions. Then in Dec. it added another about$1T and now Biden is planning on adding another $2.2T.
None of this was "paid for" with Pay go or anything.
The (very rough) total of planned deficit spending = $2T+$2.2T+maybe $2T+$1T+$2.2T== $9.4T in just the 12 months starting in March 1, 2020.
Biden said in a speech I saw that almost all economists have told him that now is the time to deficit spend to save the economy by a] controlling covid and b] keeping people afloat.
Only the very committed Libertarians have said one word against this. There is no chatter about how this will be a burden on the people over the next 200 years. NOT ONE WORD.
Does all this convince you that MMT is right when it says that the US national debt is not a burden; that rather, it is just assets of Corps. and the wealthy?
I have claimed that the rich don't want to be taxed to pay off the asses that *they* hold, and that the poor can't be taxed to pay off the assets of the rich, and that taxing the middle class will destroy the economy. This means that it is not possible to pay down (let alone 'payoff') the US debt much. Given that it was over $23Tand we are adding over $9T, it will soon be over $30T. And, no mainstream economist is worrying about this at all. No MMT economist is ether, but they have been not worrying about this for over 28 years now.
So, are you convinced by the above that mainstream economists have been spreading fear for no good reason for decades, and that therefore, MMT is right?
Or, do you believe that the US economy will be destroyed by all this spending. Are you willing to 'eat your hat' when the US economy is not destroyed? Because I'd bet you $1M that it will not be destroyed. Maybe damaged, ... but who can say if any damage was the result of covid pandemic or of the deficit spending?