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.

This resolution recognizes that (1) large deficits are unsustainable, irresponsible, and dangerous; (2) the acceptance of Modern Monetary Theory will lead to higher deficits and higher inflation; and (3) it is the duty of the Senate to abandon the theory.

Bill 118 S.Res. 89 is a resolution introduced in the US Senate that calls for the Senate to reject Modern Monetary Theory (MMT) and acknowledges that adopting MMT could result in increased deficits and inflation.

Modern Monetary Theory is an economic theory that suggests governments can print money to fund spending without worrying about deficits or inflation. The resolution argues that accepting MMT could lead to higher deficits, meaning the government would have to borrow more money to cover its expenses. This could potentially lead to an increase in inflation, as more money in circulation could drive up prices.

The resolution emphasizes the importance of fiscal responsibility and cautions against relying on MMT as a solution to economic challenges. It calls on the Senate to prioritize sound economic principles and prudent financial management in order to maintain stability and prevent negative consequences for the economy. Overall, Bill 118 S.Res. 89 highlights the potential risks associated with adopting Modern Monetary Theory and urges the Senate to reject this approach in favor of more traditional economic policies.