Orthodox economists are appalled by federal government deficits and stand in terror at the possibility that the public might ever understand how much the government could accomplish for the benefit of the American people if it got over the myths that a government with a sovereign currency is really just like a regular household and cannot run persistent deficits. Friedman’s modeling of Bernie’s plan is so terrifying to the Gang of Four and Krugman because it shows under the orthodox economic models that the government can be a powerful engine of producing “huge beneficial impacts.” What is required is that our President has the nerve to junk the orthodox economic myths. As Jamie Galbraith wrote, “When you dare to do big things, big results should be expected.”

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