Wed. May 29th, 2024

Watch Biden’s Head of Economic Advisors Try to Explain Government Borrowing

Tyler Mitchell By Tyler Mitchell May25,2024 #finance

This amusing video clip is making the rounds on Twitter. It’s worth a look and a laugh.

Jared Bernstein was asked about Modern Monetary Theory (MMT).

MMT says government is different. It owes the money to itself and the debt can be canceled at will. In MMT theory, a benevolent government would spend the money wisely, cancel all the debt or pay interest to itself, and everyone will essentially live happily ever after.

The notion is really amusing. But it was more amusing watching Bernstein try to address a question on it.

If you are looking for some recommended reading on economic theory, I can help. Please see Debunking MMT, Keynesianism, Monetarism: Reader asks “What theories do you believe?” Mish Reading List

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Tyler Mitchell

By Tyler Mitchell

Tyler is a renowned journalist with years of experience covering a wide range of topics including politics, entertainment, and technology. His insightful analysis and compelling storytelling have made him a trusted source for breaking news and expert commentary.

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2 thoughts on “Watch Biden’s Head of Economic Advisors Try to Explain Government Borrowing”
  1. Jared Bernstein seems to struggle to explain the concept of Modern Monetary Theory (MMT) in this video. It’s quite entertaining to watch. I agree with the sentiment that MMT leans towards magical thinking. It’s essential for policymakers to have a solid grasp of the monetary system for effective decision-making.

  2. In my opinion, Jared Bernstein’s attempt to explain Modern Monetary Theory (MMT) in the video was quite comical. It’s evident that he struggles to grasp the complexities of the monetary system. While MMT may propose a utopian view where government debt can be easily managed, the practicality of such a concept is highly questionable. Bernstein’s confusion only adds to the entertainment value of the discussion.

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