This Plenary Session includes a presentation, critique, and three papers addressing fundamental issues of MMT and the use of fiscal consolidations to address the ever-increasing budget deficits which continue to occur and the question of the long run sustainability of high government debt. Background: Modern Monetary Theory (MMT) has received a great deal of public attention in the past few months-and will continue to be a topic as the federal deficit continues to rise and the 2020 presidential elections approach. MMT is not a new concept. It is based on the Keynesian view that debt is not damaging to the economy because "we owe it to ourselves." MMT proponents argue that, because the U.S. can borrow in its own currency, it can simply print more money when it needs to pay off its debts. All the Fed has to do is keep interest rates low and print money when the inevitable inflation occurs. Not surprisingly it is an increasingly popular idea to those who favor expanding the public sector. Although the national debt is the highest since World War II, the willingness of policymakers to address the fiscal realities and burdens on future generations appears to be at an all-time low. The last two years continue to be defined by massive, unpaid-for tax cuts and spending increases, with little attention to addressing fiscal imbalances. Commentators on the left and right increasingly urge Washington to focus on enacting new costly initiatives while protecting special interest tax breaks and spending programs while ignoring mounting debt levels. The debt denialism comes at a time of rapid demographic changes and an aging population. Some argue that with our strong economy and low unemployment (below 4 percent), we should begin reducing deficits, not increasing them. In the words of President John F. Kennedy stated: "the time to repair the roof is when the sun is shining." Yet, policymakers seem intent on making it worse. Never have deficits been this high when the economy was this strong and they are growing. We project debt held by the public as a share of the economy will double by mid-century under current law, from 78 percent of gross domestic product (GDP) today to over 150 percent by 2050. Extending current policy, debt is predicted to increase to 205% of GDP by 2050, nearly twice its historic record.