1/3 I would say that the main problem with MMT *is* the theory. They're basically right about their most controversial point—i.e. governments don't have to balance their budgets.

But they're wrong about so much other stuff that it's going to be hard to use MMT constructively. https://twitter.com/ngpsu22/status/1298389374829199360

2/3 I'd add though that the power is *already* in the hands of Congress. The Fed has to do whatever it takes to keep prices stable. They don't have much control.

The fiscal authority is in the driver's seat. The Fed's response is fairly automatic.

3/3 If the government (Congress) issued a #BasicIncome calibrated to the productive capacity of the economy, the Fed would have no choice but to tighten (raise interest rates).