A resolution recognizing the duty of the Senate to abandon Modern Monetary Theory and recognizing that the acceptance of Modern Monetary Theory would lead to higher deficits and higher inflation.
Impact
The resolution aims to effectuate a change in fiscal policy by discouraging the adoption of MMT principles within future legislative actions. If passed, it would signal a return to traditional fiscal and monetary policies that prioritize balanced budgets and control over inflation. By rejecting MMT, the Senate would endorse an economic strategy that considers the potential negative implications of unchecked government spending, such as increased national debt and diminished foreign investor confidence in U.S. financial stability.
Summary
SR89 is a resolution introduced in the Senate that calls for the abandonment of Modern Monetary Theory (MMT). Proponents argue that MMT could lead to unsustainable fiscal practices that would result in larger government deficits and potentially hyperinflation. The resolution suggests that economists from various political backgrounds have raised significant concerns about the viability of MMT as a framework for economic management, emphasizing the risky nature of relying heavily on government deficit spending financed by printed money.
Contention
Within the discussions surrounding SR89, there are stark divides among economists and policymakers about the merits and dangers of MMT. Opponents of MMT assert that it dismisses fundamental economic principles concerning debt and taxation, while supporters claim it offers innovative solutions for funding social programs without immediate fiscal constraints. Key points of contention include the claim that adopting MMT could undermine the Federal Reserve's ability to manage inflation effectively and could erode trust in government bonds, which are relied upon by both domestic and international investors.
A resolution honoring the life of Dr. Paul Farmer by recognizing the duty of the Federal Government to adopt a 21st century global health solidarity strategy and take actions to address past and ongoing harms that undermine the health and well-being of people around the world.
Honoring the life of Dr. Paul Farmer by recognizing the duty of the Federal Government to adopt a 21st-century global health solidarity strategy and take actions to address past and ongoing harms that undermine the health and well-being of people around the world.
A resolution recognizing that it is the duty of the Federal Government to develop and implement a Transgender Bill of Rights to protect and codify the rights of transgender and nonbinary people under the law and ensure their access to medical care, shelter, safety, and economic safety.
Recognizing that it is the duty of the Federal Government to develop and implement a Transgender Bill of Rights to protect and codify the rights of transgender and nonbinary people under the law and ensure their access to medical care, shelter, safety, and economic security.
Restricts pretrial release of certain defendants; sets conditions for pretrial release of certain first-time offenders; requires revocation of pretrial release under certain circumstances.
Restricts pretrial release of certain defendants; sets conditions for pretrial release of certain first-time offenders; requires revocation of pretrial release under certain circumstances.
Clarifies court's discretion in imposing monetary conditions of bail; establishes rebuttable presumption that person charged with violent crime be detained prior to trial.
Clarifies court's discretion in imposing monetary conditions of bail; establishes rebuttable presumption that person charged with violent crime be detained prior to trial.
Clarifies court's discretion in imposing monetary conditions of bail; establishes rebuttable presumption that person charged with violent crime be detained prior to trial.
Relating to providing financial assistance to certain persons who care for a child under a parental child safety placement; creating a criminal offense; creating a civil penalty.