Tom Hickey headlines: “The Right discovers it is up against MMT. Is Stephanie Kelton Superwoman?” This framing tells everyone that economics, too, has finally degenerated to a reality show.#1
To recall, economics claims since Adam Smith/Karl Marx to be a science. The criterion of science is true/false. So, the real question is NOT whether Stephanie Kelton is Superwoman but whether MMT, the economic approach she stands for, is true or false.
The short answer is: MMT is a scientific failure and a political fraud. Stephanie Kelton is just another clown in the political Circus Maximus.
In more detail #2, #3, #4, #5
- MMT’s social policy proposals ― the Job Guarantee in particular ― are political door-openers and Friend-of-the-People signaling.
- MMT policy guidance ultimately boils down to deficit-spending/money-creation.
- It is a macroeconomic fact that Public Deficit = Private Profit, so MMT is money-making for the one-percenters.
- MMT is stealth taxation for the ninety-nine percenters.
- MMT is ALWAYS a bad deal for the ninety-nine-percenters.
- The MMT policy of ever-increasing public debt amounts to the permanent self-financing of the oligarchy.
In any case, she has to be thrown out of science.
#1 Hedges, Empire of Illusion, Nation Books, 2009
#2 Wrapping up the MMT narrative
#3 How MMT enlightens Washington
#4 MMT: Just another political fraud
#5 For the full-spectrum refutation see cross-references MMT
#6 Down with idiocy!
Related 'MMT: How mathematical incompetence helps the Kelton-Fraud' and 'MMT and the single most stupid physicist' and 'The Magic Money Tree is real ― too bad that the magic is fraud' and 'Richard Murphy: the MMT fraudster dressed up as realist' and 'Lock them up' and 'MMT is idiocy and fraud' and 'MMT: The one deadly error/fraud of Warren Mosler' and 'National Accounting: scientific incompetence or political fraud?' and 'MMT: scientific incompetence or political fraud?' and 'Stephanie and Noah ― economics at the intellectual zero lower bound' and 'MMT, Bill Mitchell, and the lack of basic scientific integrity' and 'Why the MMT benefactors of humanity never talk about profit' and 'Forget mainstream economics, scrap MMT, move on to the new paradigm' and 'Links on Liza N. Burby‘s ‘Cutting-Edge Economist Stephanie Kelton Delivers Presidential Lecture’ and 'Stephanie Kelton’s legendary Plain-Sight-Ink-Trick' and 'Stephanie Kelton and the self-destructive stupidity of the super-rich'.