Well yeah I think even I bought into it at some point. The line would go "as long as our debt to GDP ratio stays relatively steady, we'll be ok"...but what happens if another great depression happens and the growth dips 10-15% and flat lines from there? Then your debt will grow faster than your GDP and eventually it will crush the economy. All the uncomfortable conversations about complex trade-offs and budget cuts have got to occur and nobody is wanting to have that convo.

I think it started in the 60s with the Vietnam War, the Space program and Johnson's great society programs. And then Nixon took us off the gold peg, and we were free to print as much as we wanted.

MMT is pretty scary to me. It's never really been tested long term at scale and mainly exists as a theory. But I know that's the end game for the Fed and that's the trajectory we're on.