is not constrained by a requirement to raise the money by taxes or borrowing, what would prevent all federal employees from going on strike and demanding that their wages be increased by x (take your pick) %? The beliefs with regard to the federal deficit and federal debt create something of a line in the sand that to some extent controls how much we spend. If I understand MMT correctly, and I only just came across MMT, some types of federal expenditures are good and some are not; therefore, the battle in Congress will be over how to classify any given expenditure. But to a lot of people, it will look like Congress has carte blanche. I think federal employees will be able to exploit that perhaps more easily than any other group. But if Congress cannot rein them in, it will have little ability to restrain other interest groups. Chanting "The deficit, the deficit!" is a lot easier than explaining why a certain expenditure will be inflationary and another won't be. In short, to me, MMT looks great in theory but darned hard to implement successfully in practice. Bill, I've seen dozens of comments like yours. The idea that understanding something better means only bad exploitation of such knowledge which is not counterbalanced by good exploitation of such knowledge is very myopic. It is the same idea that makes people afraid of progress (see Luddites, for example.) By your logic people should be still riding horse-driven carts, because "cars