(ConservativePeak.com)- Joe Biden is still struggling to win over the young people that socialist Senator Bernie Sanders easily won, and this week he took steps to address that by appointing a new economic “task force” that includes former Sanders economic advisor Stephanie Kelton.
Kelton is known not just for being part of Sanders’ campaign, but for also being one of the most radical left-wing proponents of economic reform. She even supports the “Modern Monetary Theory.”
Biden’s new task force is one of six different groups looking at different policy areas. It gives Biden the chance to hear the points of view of people from different wings of the Democratic Party, while also showing that he’s willing to engage with Sanders and his supporters. Alexandria Ocasio-Cortez, one of the most radically left-wing politicians in the country, is serving in his climate change group. Though, she has yet to fully endorse him.
Kelton is hardly right wing in comparison to AOC, though. The New Yorker previously described her as “The Economist Who Believes the Government Should Just Print More Money,” and they’re not wrong. That’s literally what she believes. Kelton has advocated the Modern Monetary Theory which says the government should simply pay for huge projects like the Green New Deal and universal healthcare by printing more money, seemingly forgetting the fact that printing more money causes inflation and throws the whole system into chaos.
It’s a theory that says a country should pay for everything it needs by printing more and taxing less, while also instituting a job guarantee, with a fixed wage to stabilize the economy.
It probably sounds nice, but every time something like this has been tried in the past, it has failed.
The fact that a serious presidential candidate is considering it, or even listening to its proponents, however, should be troubling to Americans who are worried about their financial future.
During the Chinese coronavirus outbreak, far-left activists and politicians have used the situation to advocate for new extreme economic systems. The prospect of a recession and a lack of jobs to return to at the end of the lockdown is giving people like Kelton the platform they need to win scared people over to their radical ideas.