When Democratic Sen. Joe Manchin announced that he would not support U.S. President Joe Biden’s Build Back Better Act — effectively dooming the president’s signature legislative initiative — he cited America’s “staggering debt.” His concerns echoed those of Biden’s Republican opponents, who insist that all that spending would expand the deficit and leave future generations groaning under the weight of a heavy tax burden.

But would it? Proponents of Modern Monetary Theory would beg to differ.

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