Ep 379 - The Real Cost of War with L. Randall Wray

Ep 379 - The Real Cost of War with L. Randall Wray

From Macro N Cheese by Steven D Grumbine

May 9, 2026 · 55 min · Episode 379

About this episode

The episode discusses the real costs of war and the implications of MMT on social programs and political agendas.

** This Tuesday, May 12, come to Macro ‘n Chill, our online gathering where we listen to and discuss this episode. Bring your questions and insights. 8pm ET/5pm PT. Use this link to register: https://us06web.zoom.us/meeting/register/rn_HAqgaSRGdj8W2UX9aKw Did you think we had abandoned MMT? Well, after a few weeks of tackling some rather prickly topics, we’re back to strictly non-controversial macroeconomics. Heh heh. Just kidding. Don’t get too comfortable. Our old friend Randy Wray is back, bringing his somewhat optimistic belief that a sound reality-based agenda might possibly succeed in the upcoming Congressional elections. But more on that later. First, he and Steve need to dissect Trump’s latest imperialist venture against Iran and expose the bipartisan lie that there are just enough of your tax dollars to pay for war; when it comes to affording social programs, the cupboard is bare. Claims of scarcity are pure ideology. MMT has taught us that the federal government faces no dollar constraints. The real cost of war is measured in diverted labor, wasted resources, destroyed infrastructure, and the steady cannibalization of society’s productive capacity. Not to mention human…

People in this episode

Host: Steven D Grumbine

Guest: L. Randall Wray

Topics covered

  • war costs
  • MMT
  • politics
  • Congressional elections
  • neoliberalism
  • social programs

Keywords

  • MMT
  • war costs
  • Congress
  • neoliberalism
  • Trump
  • Iran
  • social programs
  • politics

Mentioned in this episode

Places: Iran, Global South

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