To me MMT is an accurate descriptive account of the monetary system that has some obvious policy implications. Some MMT scholars like Bill Mitchell consider policies like a Federal Jobs Guarantee to be integral to MMT, but I’m not so sure.

I agree that taxing and spending taken together still constitutes material redistribution. Over a set period of time, taxing and spending will result in a new allocation of financial assets in the economy. What I’m trying to draw out in the article is that these are conceptually independent operations and that spending does not depend on taxation or borrowing.