Uh...we've been running deficits since before 2008.The debt rose every year under Clinton and we've been running deficits every year since 2008 and the Nations economy is still on life support 8 years later. ....with some exception.
Here in Texas we've seen a unprecedented influx of Americans move into our Cities and the surrounding areas and a unprecedented influx of private sector investment to go along with it
The State of Texas and the cities that have seen their populations grow exponentially didn't have to go into debt to fund this growth. We just had to adhere to the very supply side strategies MMTers say dont work
People respond to incentives. Its a axiomatic truth that blows the minds of your average MMTers.
Also the existence of Texas's multibillion dollar rainy day fund hasn't had any negative impact whatsoever.
Make no mistake, MMT is just a very poorly veiled attempt to sell off destructive Progressive economic initiatives as something new. Its not even a clever attempt.
Its monetary gibberish used to perpetuate Fiscal initaives that grow the debt and Govt at the expense of the economy and the Federal budget
So. Should Japan start spending ? Should Venezuela start spending ?
Should the State of California start spending ? Should Detroit start spending ? Cities can sell bonds to deficit spend BTW