Can we just print more money?

If you are an ambitious politician with a Green New Deal, or if you’re a progressive who wants to see a lot more social spending, you will love Modern Monetary Theory. It explains why we should all stop worrying and love government spending.

Modern economies run on fiat currency, which defies our intuition from household economics. In a country like America where the government issues debt in its own currency, there’s no need for the government to balance its books, because it can never run out of money. The US has more latitude to spend without running into trouble than is…