(c) by Mark Dempsey
This Austrian economist tries debunk MMT and one of its founders, Warren Mosler. Nice try. [Caution, the video's not short or particularly coherent.]
My comment:
How is the government going to service its debt with revenue from the private sector? Do dollars really grow on billionaires? Does government really need to get tax revenue to provision itself? Can't it "print" money to pay its obligations? Gosh, I wonder! (Hint: taxes make the money valuable. They don't and can't provision federal programs.)
Does government invest in useful, productive things, or mobilize idle assets with its money?... And does the government do nothing productive to create value? What about the 80% of the iPhone's inventions that come from government-funded research? What about the 75% of innovative pharmaceutical technology that comes from government-funded research? (Of course, the Trump administration is working busily to kill this particular goose.) See https://www.youtube.com/watch?v=3r1IPsldbBg&t=41s
What you need is the BEA chart of GDP growth rates showing the government's intervention (New Deal and the big public works project called "WWII" are the massive exceptions to the rather modest business cycles). Here it is: https://www.researchgate.net/figure/Historical-Growth-Rate-of-US-Real-GDP-19292013_fig16_287386917
Plenty of straw-manning here. Reinhart & Rogoff tried to make the case that large budget deficits impaired the economy. They neglected to separate monetary sovereigns (US, Japan, UK) from non-sovereigns (Greece, Liberia, Panama) and even made a mistake in the spreadsheet formulas that made their point. This kind of stuff simply serves the oligarchy promoting austerity.
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