'The idea that deficits don't matter for countries that can borrow in their own currency I think is just wrong,' Fed Chair Jerome Powell said of the modern monetary theory, an economic theory supported by progressives like Rep. Alexandria Ocasio-Cortez.
An increasingly popular theory espoused by progressives that the government can continue to borrow to fund social programs such as Medicare for everyone, free college tuition and a conversion to renewable energy in the next decade is unworkable, Federal Reserve Chairman Jerome Powell said Tuesday. "The idea that deficits don't matter for countries that can borrow in their own currency I think is just wrong," Powell said during congressional testimony in the Senate.
Earlier in the hearing, the central bank chief issued another warning about U.S. fiscal policy, which he again called"unsustainable" over the long run. Ocasio-Cortez and others have presented a"Green New Deal" resolution that would call for a government conversion away from fossil fuels over the next decade. Sanders and several of his fellow Democratic presidential hopefuls have called for a Medicare-for-all type of proposal that would overhaul the current system.
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