Nirvana

Historically liberals tended to provide government benefits to people while conservatives preferred tax breaks for business so they could provide private industry jobs. Some people would get a public assistance check and others would get a private business check. Over time a balance was achieved based on changing needs but now there is a new kid on the block and his name is modern monetary theory (MMT). Some people will now receive both a government check and a private business check, because under MMT anyone who is unemployed and wants to work will get a government job. These jobs will fill the gap where help is needed, things like child care, workers in nursing homes and helpers building infrastructure. The pay will be at least $15 per hour and include benefits. This theory provides that any government that prints its own money cannot go broke and the only long term concern is inflation. Congress has just passed the $1.9 trillion Covid relief bill and President Biden is now proposing a $3 trillion dollar stimulus bill. Many feel this will be followed up with $1.5 trillion to pay off student loans and on the horizon money to pay off the $4.6 trillion in personal debt not counting home mortgage loans. There is talk of increasing corporate taxes from 21% to 28% but MMT says that is not needed since debt does not matter as long as inflation is under control. It appears we have reached Nirvana or as the old democratic party song says, happy days are here again.