; (2) MMT underestimates other downside risks of debt and MMT advocates note that inflation is the only restraint on debt-financed spending. This leads some to conclude that under the theory of MMT, debt is not a concern, as governments can simply print more money to pay off debt. Such a theory is roundly rejected by academic economists on both sides of the political spectrum. ; (3) printing money has costs, including a loss of credibility for the government , an inflation risk , and exacerbating exchange rates ; (4) MMT assumes away politics and puts the onus of inflation control on Congress, the institution that lately seems worst-equipped to handle it. The Federal Reserve—which has spent a long time building extensive credibility in its commitment to fight inflation—would be largely sidelined. ; (5) even MMT admits that deficits and debt matter , noting that Stephanie Kelton has stated: I would never take the position that we ought to move forward, passing legislation with no offsets, to do Green New Deals, and Jobs Guarantees, and Medicare for All. In the end, MMT’s arguments largely boil down to a disagreement over how much room there is to borrow without accelerating inflation. ; and (6) it is hard to pin MMT down on anything at all due, in large part, to the fact that prominent supporters of MMT have taken vague, sometimes contradictory positions: When politicians make claims about paying for the Green New Deal through MMT, stay silent, and when economists criticize this view, claim you are being misunderstood. ; Whereas the March 2019 report entitled How Reliable is Modern Monetary Theory as a Guide to Policy? by Scott Sumner and Patrick Horan of the Mercatus Center at George Mason University found that— (1) MMT— (A) has a flawed model of inflation, which overestimates the importance of economic slack; (B) overestimates the revenue that can be earned from the creation of money; (C) overestimates the potency of fiscal policy, while underestimating the effectiveness of monetary policy