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A resolution recognizing the duty of the Senate to abandon Modern Monetary Theory and recognizing that the acceptance of Modern Monetary Theory would lead to higher deficits and higher inflation.
2/16/2024, 3:28 PM
Summary of Bill SRES 89
Bill 118 S.Res. 89 is a resolution introduced in the US Senate that calls for the Senate to reject Modern Monetary Theory (MMT) and acknowledges that adopting MMT could result in increased deficits and inflation.
Modern Monetary Theory is an economic theory that suggests governments can print money to fund spending without worrying about deficits or inflation. The resolution argues that accepting MMT could lead to higher deficits, meaning the government would have to borrow more money to cover its expenses. This could potentially lead to an increase in inflation, as more money in circulation could drive up prices.
The resolution emphasizes the importance of fiscal responsibility and cautions against relying on MMT as a solution to economic challenges. It calls on the Senate to prioritize sound economic principles and prudent financial management in order to maintain stability and prevent negative consequences for the economy. Overall, Bill 118 S.Res. 89 highlights the potential risks associated with adopting Modern Monetary Theory and urges the Senate to reject this approach in favor of more traditional economic policies.
Modern Monetary Theory is an economic theory that suggests governments can print money to fund spending without worrying about deficits or inflation. The resolution argues that accepting MMT could lead to higher deficits, meaning the government would have to borrow more money to cover its expenses. This could potentially lead to an increase in inflation, as more money in circulation could drive up prices.
The resolution emphasizes the importance of fiscal responsibility and cautions against relying on MMT as a solution to economic challenges. It calls on the Senate to prioritize sound economic principles and prudent financial management in order to maintain stability and prevent negative consequences for the economy. Overall, Bill 118 S.Res. 89 highlights the potential risks associated with adopting Modern Monetary Theory and urges the Senate to reject this approach in favor of more traditional economic policies.
Congressional Summary of SRES 89
This resolution recognizes that (1) large deficits are unsustainable, irresponsible, and dangerous; (2) the acceptance of Modern Monetary Theory will lead to higher deficits and higher inflation; and (3) it is the duty of the Senate to abandon the theory.
Read the Full Bill
Current Status of Bill SRES 89
Bill SRES 89 is currently in the status of Bill Introduced since March 1, 2023. Bill SRES 89 was introduced during Congress 118 and was introduced to the Senate on March 1, 2023. Bill SRES 89's most recent activity was Referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S572-573) as of March 1, 2023
Bipartisan Support of Bill SRES 89
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
0Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill SRES 89
Primary Policy Focus
Economics and Public FinancePotential Impact Areas
- Budget deficits and national debt
- Economic theory
- Monetary policy
Alternate Title(s) of Bill SRES 89
A resolution recognizing the duty of the Senate to abandon Modern Monetary Theory and recognizing that the acceptance of Modern Monetary Theory would lead to higher deficits and higher inflation.
A resolution recognizing the duty of the Senate to abandon Modern Monetary Theory and recognizing that the acceptance of Modern Monetary Theory would lead to higher deficits and higher inflation.
Comments
Sponsors and Cosponsors of SRES 89
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