MMT has all the same problems as Communism: nice in theory, but terrible in practice. MMT proponents will argue that no one has ever properly implemented it.

MMT has all the same problems as Communism: nice in theory, but terrible in practice. MMT proponents will argue that no one has ever properly implemented it. However, an economic theory that is not effective in practice, given the realistic constraints of human nature and politics, is useless. In theory the only way MMT works is to arbitrarily raise taxes to counter inflation. The Fed does not have the power to raise taxes, Congress does. But such a floating, variable tax rate is ripe for abuse of power and I don't know anyone who would not revolt under such a system.