Modern Monetary Magic Is at Work Again

Market Overview Analysis by Ed Yardeni covering: S&P 500. Read Ed Yardeni's latest article on Investing.com

Republican Everett Dirksen was the Senate Minority Leader during the 1960s. Cautioning that federal spending had a way of getting out of control, Dirksen reportedly observed,"A billion here, a billion there, and pretty soon you're talking real money." Proponents of Modern Monetary Theory have been claiming in recent years that the US federal government can run large budget deficits to fund social welfare programs without any serious adverse economic or financial consequences.

Presumably, many of their children will inherit what's left of those funds when their parents pass away. At the same time, the post-Baby Boom generation will inherit a huge amount of government debt . We are discussing this topic because the Treasury announced its marketable borrowing estimates today. The projected financing is $546 billion in Q4-2024 and $823 billion during Q1-2025.

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