We might think that the Law of Acceleration of Issuance and Depreciation, which expands the deficit and national debt numbers to stratospheric values, will one day harm us.

It is very important that new advocates of MMT understand that inflation is the recognized upper limit to currency creation. Inflation of a sovereign fiat currency is extremely rare and isn't solely due to the amount of currency created, but it is possible if all resources and labor are already deployed in the private sector and the government continues to create new currency without offsetting it with taxation.

As the pandemic has disrupted supply chains and made labor hesitant to rejoin the workforce we are experiencing many price increases, but those are not inflation of the currency. This is "cost-push" inflation, similar to what we saw in the '60s and '70s when OPEC gave us extreme price increases in our oil supply.

The federal government could have simply acted as an intermediate supplier, taking whatever loss was necessary to stabilize the economy, but it was relatively new to the fiat currency and we didn't have the brightest bulbs in the government's chandelier. It, instead, simply attempted to create money to allow the people to purchase the higher priced goods.

Given that the current supply problems are across the board in almost every product the only way to assure it isn't causing undue hardship is to make money available to almost everyone middle class and below and taxing it away when it "trickles up", which is the reality of capitalist market based economies. It isn't difficult to see why such a taxing agenda would be opposed by the wealthy and investment bankers.

Our challenge is ridding our government of those who have allowed themselves to be influenced by their money and restore the concept of "public wealth" before we devolve any farther as a nation.