Democrats square off on Twitter over how the party should shape their economic policy ahead of the 2020 presidential election.
FILE PHOTO: U.S. Representative Alexandria Ocasio-Cortez and Senator Ed Markey hold a news conference for their proposed"Green New Deal" to achieve net-zero greenhouse gas emissions in 10 years, at the U.S. Capitol in Washington, U.S. February 7, 2019. REUTERS/Jonathan Ernst
The intense back-and-forth exchanges have ranged from wonky money and savings demand charts to flat-out insults, with Krugman calling Shelton’s thinking “a mess” and Summers panning MMT as “the voodoo economics of our time” in a Washington Post column. Those sweeping ideas are now at the center of several of the emergent 2020 campaigns. They have already become a talking point for Republican President Donald Trump, who has said it shows the Democratic Party has embraced “socialism.”
Jason Furman, who was chairman of the White House’s Council of Economic Advisers for most of former President Barack Obama’s second term, said on Tuesday the Obama administration, even as it crafted ambitious programs, was sensitive to how extra spending effected the ratio of total government debt to gross domestic product, and assumed it was good to keep that ratio stable or declining.
They still see a limit out there somewhere, but as long as the U.S. economy grows faster than the interest rate paid on government debt, it’s likely safe to keep borrowing. The current ratio of U.S. publicly-held debt to GDP is around 76 percent.
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