Cullen Roche: MMT misinterprets central government spending as self-funding

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Cullen Roche: MMT misinterprets central government spending as self-funding — MMT misinterprets sovereign spending funding

Cullen Roche stated that every economic entity must fund its balance sheet and argued that Modern Monetary Theory (MMT) misconstrues this requirement by treating central government spending as self-funding merely because the sovereign issues the unit of account.

Roche further explained that this approach fails to consider liability management, noting that money creation also injects liabilities.

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Roche has previously highlighted the structure of the U.S. tax system, noting that the top 20% of earners covered 70% of all federal taxes in 2022, according to CBO data. He has also discussed the impact of financial theory on current practices, referencing Harry Markowitz's 1952 development of portfolio selection theory. These earlier remarks demonstrate Roche’s continued focus on institutional mechanics and financial frameworks.

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