MMT Is No Joke - The Joke is How It’s Used

Bloomberg published an article by Michael Strain (director of economic policy studies at the American Enterprise Institute, a conservative think-tank) on January 17 entitled "Modern Monetary Theory is a Joke That's Not Funny." As a convert from the "tax-and-spend" theory to MMT (Modern Monetary Theory), I believe there are some major misunderstandings in this article that deserve correction and deeper examination.