Can I say how weird it is to see the US reemerging as a role model for policy? Anyway, Simon Wren-Lewis explains why Biden-style aggressive stimulus is the right way to go 1/ https://mainlymacro.blogspot.com/2021/04/two-types-of-recovery-from-covid.html

One side note: some progressives have embraced MMT — without knowing quite what it means, because nobody does — because they think it's more favorable to their agenda than mainstream economics. But right now it's the opposite! 2/

Why? Because mainstream economics says that any inflation threat from overheating can be contained by monetary policy; MMTers don't believe in monetary policy, for unclear reasons, so their doctrine gives more reason to worry 3/