The total amount of government economic aid in response to the coronavirus downturn is expected to exceed $10 trillion.
Our actions today resemble Modern Monetary Theory, a belief that sovereign governments with sovereign currencies can "print" or "coin" money to support full employment or essentially any government program.
A man shops in the meat section at a grocery store, April 28, 2020 Washington, DC. Meat industry experts say that beef, chicken and pork could become scarce in the United States because many meat processing plants have been temporarily closed down due to the coronavirus pandemic.During this hyper-partisan age, Congress has acted in a rapid bipartisan fashion, enacting a range of support measures totaling over $3 trillion with plans for more.
One of these frameworks will have to be Modern Monetary Theory . This theory has received increased publicity over the past three years as politicians realized there was not a plausible plan to raise the funds necessary to fund "Healthcare for All," the "Green New Deal," free college and other initiatives through taxes alone.
Warren Mosler was one of the founders of MMT, and what is known as `Mosler's law' states: "No financial crisis is so deep that a sufficiently large increase in public spending cannot deal with it." These words fundamentally represent the actions our policy makers have taken in response to the virus. This pandemic has moved MMT from the fringes to the dead center as the actual monetary policy of the United States.
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