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.

Why Modern Monetary Theory is a Serious Idea for a Serious Time: A Response to James Pethokoukis

Understanding how our economic system really operates can give us insight into how we turned ideas into a prosperous reality in the past, and how we can do so again in the future.  MMT is an area of economic study which looks at the overall economy rather than particular segments of the economy.  MMT has been in the news lately, having been thrust into the limelight by the 2016 U.S. Presidential candidacy of Bernie Sanders, and the recent election of Alexandria Ocasio-Cortez to Congress.  MMT is now being criticized by economic pundits, particularly from conservative think tanks.  This commentary is a rebuttal to one such article.