WE ARE ALREADY USING THE WACKO THEORY OF MMT. WHY STOP NOW?

By way of background, MMT or Modern Money Theory is a macro theory that describes currency as a public monopoly for a government and unemployment as the evidence that a currency monopolist is restricting the supply of the financial assets needed to pay taxes and satisfy savings desires. MMT is seen as an evolution is sometimes referred to as neo-chartalism. MMT advocates argue that the government should use fiscal policy to achieve full employment, creating new money to fund government purchases. The primary risk once the economy reaches full employment is inflation, which can be addressed by raising taxes and issuing bonds, to remove excess money from the system. MMT is controversial, with active debate about its policy effectiveness and risks. (Source: Wikipedia)

MMT is a logical response to the dramatic income inequality in the U.S. On the surface MMT seems asinine at best and a sham at worst. 

I would argue we have been following MMT for years and are doing MMT right now (just in a less overt manner.) The concept of printing money at zero interest rates to finance big government spending has been happening for the last decade and continues to happen. 

If one simply looks at the Federal balance sheet sheet, and a significant % of state and local balance sheets they will see enormous deficits and debt. 

Underfunded pensions are over $4 Trillion already of our > $22 Trillion in debt. 

The federal reserve printed money for a decade and now the current administration wants them to print more. Rates were 0 basically for years upon years.

Interest Costs Alone are a major headwind for the next decade. Heaven forbid, other countries who own our debt get concerned with our ability to repay it and sell some (or stop buying). Rates could go up dramatically and the chart below will look even worse.

The proponents of MMT now want to dramatically exacerbate the situation, but its not like there are any fiscal hawks out there to stop them. The GOP was perfectly content to drive up the deficit with their joke of “tax reform.” Today the Treasury is financing all this spending with no clear way to pay for it and borrowing from the Chinese and Japanese to even make it possible.

Is this current situation that much different than the MMT being proposed by the “Socialists?”