The Great Vindication of Modern Monetary Theory?

If all economic activity starts with the public sector, then deficit spending is the only tool to manage inflation and employment. This would render the Fed's hiking campaign utterly pointless.

Modern Monetary Theory (MMT) is an unorthodox way of economic thinking that contradicts many ideas of mainstream economics. It was actually introduced in the 1990s, but did not gain significant popularity before the late 2010s.

Lately, it has been scrutinized and even ridiculed a lot. This is presumably for two reasons. Firstly, it has unfortunately been…