According to MMT inflation is a warning sign that too much currency has been issued bad we are experiencing inflation right now. I run into MMT went talking about solutions to Social Security. I believe the easiest fix is to remove the cap on SS payroll deductions. Conservatives argue that the program will be a drain on the budget after 2033 when the reserves are depleted. SS is a pay-as-you-go system with each year’s surplus put in the SS Trust Fund. I believe all but about ten years of the program, there has been a surplus. That ended in 2020. Instead of drawing down the reserve, I’d like to see the cap removed to stabilize the program. It’s the most popular program in the US and millions depend on it.

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The MMTers chime in that the government can never become insolvent because it can print more money and that they can easily fund SS, but they don’t want to and are looking for a reason to kill the program. But that’s not how the argument is framed. It’s framed in terms of deficit spending.

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Same thing with the charade over the debt ceiling which is only a problem when Democrats are in the White House. They raised it three times for Trump without a whimper, but come December it will rear its ugly head and Mitch McConnell will be back in the spotlight. MMT says we can default. Common sense says we should never default, but in 15 days it will be back in the spotlight again.