A Boring Dystopia

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This sign says it all. (lemmy.world)

submitted 1 year ago by STRIKINGdebate2@lemmy.world to c/aboringdystopia@lemmy.world

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[–] affiliate@lemmy.world 26 points 1 year ago (3 children)

the wikipedia page says:

MMT is controversial, and is actively debated with dialogues about its theoretical integrity, the implications of the policy recommendations of its proponents, and the extent to which it is actually divergent from orthodox macroeconomics. MMT is opposed to the mainstream understanding of macroeconomic theory and has been criticized heavily by many mainstream economists.

i don’t think your comment properly highlights how controversial MMT is. i’m not an economist, but i don’t think it’s fair to use language like “taxes funding things is a myth” and “technically nothing is funded by taxes and taxes are just a money void”, when those claims rely on such a controversial theory.

[–] someacnt@sopuli.xyz 5 points 1 year ago

It's not worth your time to refute one giving youtube link as a backing reference.

[–] Ottomateeverything@lemmy.world 0 points 1 year ago* (last edited 1 year ago)

Yes this is all true, MMT is a theory. It's in the name. Yes, it's controversial.

But those points have nothing to do with the validity of the statements I made, including the ones you quote. It's a very broad economic theory covering how things should be done etc etc.

My point is not founded on MMT, I referred to it as a "look this stuff up by starting here". That's why it's only mentioned in the edit. The mere fact that this is an even remotely acceptable implies the statements I made is valid - otherwise MMT would fall apart at its seams.

Taxes funding things is indeed a myth, and they're essentially a money void. Go read up on those specifics if you want to get into it. The video I linked has a literal explanation of this like 30 seconds later. When congress approves programs, they just allocate new funds to it, and move on. There's no digging up taxes to point towards it.

You could begin making an argument it has implications for the validity and reliability of the sovereign currency, but it has no real relationship to taxes. That's just not how modern economics work anymore.

[–] masquenox@lemmy.world -3 points 1 year ago

has been criticized heavily by many mainstream economists.

In other words... it upsets the rich people that got us into this mess.