Abstract
Prominent Modern Money Theory (MMT) policy advocates often imply that progressive politicians do not need to discuss how to “pay for” important policy initiatives because sovereign money governments have no budget constraints. Some have even argued that discussing “paying for projects” is politically divisive. I argue the opposite. Implementing large programs like the Green New Deal (GND) would move the economy beyond full employment, requiring tax increases or spending cuts. Members of the progressive coalition supporting the policies would have to fight over who’s policies get implemented. This chapter explores the implications of this political struggle and political problems such as these with MMT’s approach. Some MMTers have only recently acknowledged that taxes or spending cuts would be needed to implement a GND.
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