Are you sure you want to delete this post?
"If the dollar had been lower, it could have contained our ballooning trade deficit, but that would have required reversing another legacy of the Clinton era, the strong dollar. As a simple matter of accounting, there was no alternative to large deficits to bring the economy back to full employment, with the exception of another bubble."
"Honesty would have required saying that until a lower dollar brought the trade deficit close to balance, it would be necessary to run large budget deficits to sustain demand. However, this would have meant disavowing the Clinton legacy."
"Until the Democrats are prepared to reject the Clinton legacy on budget policy, we will be condemned to live in a world of flat-earth economics.
Warren Mosler said at the MMT Deficit Owl USA Committee on Facebook: "Exactly what I told him several years ago in his office."