I hesitate to use the word new as this is how fiscal policy has worked, pretty much since we were taken off the gold standard by Nixon. How do you think all those unauthorized wars in the middle east are paid for?
MMT basic foundational tennant: Do not conflate the Federal budget with that of a household.
And what flows from that statement is: Federal taxes DO NOT fund Federal spending. So much good that can be done. Gives tremendous amount of hope.
So much good that can be done … like a devastated economy and oodles and oodles of debt to be paid by future generations.
MMT equates to monopoly money when it’s not attached to wealth creation. It’s banking on the future when the future seems to be rife with bigger Government and regulation.
MMT is smoke and mirrors man and appeals to people who don’t understand Monetary theory … change my mind…