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By which I mean that the real world implications of monetary policy is what matters.
You'll have to forgive me that I'm frustrated that every single time I try to discuss this topic with MMT advocates they do this same exact thing of just trying to discuss the accounting instead of what the policy actually results it empirically. It's about as enjoyable as trying to get Austrians who rant about praxeology to acknowledge empirical evidence.
Who said anything about involuntary? You can default or print your way out, that's the choice, but what I'm trying to get you to acknowledge is the process up to that point. What leads you to that choice?
High enough deficits mean that the state can no longer borrow enough value to sustain itself because the rising inflation requires high interest rates and thus ultimately create a dilemma between letting inflation run and nullify the debt and wipe out personal wealth or default and start having to sell off assets to finance basic services.
Since both of these create massive political instability, good government requires avoiding the circumstances that create this dilemma, and thus a limit on non-productive spending.
Both Ds and Rs are currently committed for political reasons to infinite amounts of such non-productive spending and that's a bad thing.
10 to 30 years, 1.5 wars with Iran or 1 total destruction of a carrier group.
Assuming no unpredictable technological innovation or total war, of course.
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