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Can you imagine a US Constitutional amendment that, if proposed, would actually get passed these days?
The relevant part of the US Constitution is:
So, either 2/3 of both the House and the Senate, or 2/3 of the states must propose it, and then 3/4 of the state legislatures or conventions in those states must support it, for it to become part of the Constitution... as I understand it at least.
What sort of possible amendments could you imagine would actually pass and become part of the US Constitution in today's political climate, if they were proposed?
I find this to be an interesting question because it is a barometer of what the various factions of US politics actually agree on, despite their various differences, and also a barometer of how much polarization there is in today's US political situation.
In the event of an extreme economic crisis I can see a form of debt brake amendment becoming viable. It would take a lot, but it's possible and Germany passed a constitutional amendment to implement its debt brake (with some exceptions) in 2009. Switzerland also has one (again with limited exceptions, but it's mostly followed).
A combination of a big swing to the GOP, another tea party movement and a huge recession under an unpopular Democratic president trying to shore up support could do it, but it's still pretty unlikely. In the end, I suspect that a debt brake would be more constraining for Republican than Democratic administrations, because the demand for tax cuts would provide (welcome, I'd say, but still) constant downward pressure on spending, which even Republicans are loathe to cut for things like defense and medicare.
I think too many people in power have learned from MMT how money, banking, and government finance actually works, so it would probably take a few generations for people to forget those again for debt-hysteria to strongly return. In addition to the plain logic, all the evidence is that strong fiscal policy is the answer to extreme economic crises, rather than a target for blame.
Even the eurozone seems to have learned that their anti-fiscal-policy stances were a mistake and caused the first big crisis to flatline growth for the last 15 years. So the Maastricht 3% deficit limit is finally being scrutinized and softened to allow for better counter-cyclical fiscal policy. And in the US we've gone from Obama being confused and thinking he needed to fly to China to make sure they'll still 'lend' us money, to now the massive covid stimulus packages without a peep about becoming Greece or bankrupting our grandchildren.
Now the conversation is more correctly about inflation instead of solvency. And while regular people do hate inflation, even way more than is warranted, I'd guess that's too nuanced and subjective for much support of a constitutional amendment around debt/deficit.
I don't know about becoming Greece, but inflation was elevated largely due to fiscal policy and the price of servicing government debt is real and increasing. MMTers will say that you can just inflate the currency further into nothingness or confiscate everyone's wealth to pay the bills, but I don't see how becoming Argentina is much better than becoming Greece.
MMT just gives the descriptive reality & logic of how things work now and throughout history, including how the base interest rate is simply a policy tool to subsidize savings (which can be set at 0% any time we desire to not pay that subsidy). Argentina is currently serving as a good example of why giving savers free money, in proportion to how much money they already have (increasing the interest rate), is probably not the tool you're looking for if you want to combat inflation (shocked pikachu there). As for the USD inflation, it appears that most currencies around the world experienced about the same cost-push inflation coming out of covid, while having fairly disparate levels of counter-cyclical fiscal injections and unemployment levels, so it's not as obvious as it may seem.
The Greece point is that the conversation was simply incoherent just 10-15 years ago, but has moved significantly toward productive correct debates about the preferred size of government and inflation constraints, rather than a fear of large numbers and negative-sounding words debt & deficit. So that's my prediction that the world is moving farther away from arbitrary limit rules on those, rather than looking to embrace the wisdom of Germany in 2009 or 1992.
there is also potentially something weird with USD inflation. i've heard a large proportion of physical US currency (up to 50%) is held overseas. however, i'm not sure what % of the higher money supply is held by foreigners. its possible that foreigners could be helping to pay for a significant portion of seniorage which incentivises the US government and US voters to inflate the money supply.
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