Right. The theory says you can (should?) spend until you hit the "inflation ceiling," then use taxes to drain liquidity.

But what we saw in 2020-2022 was that we hit the ceiling at 100mph. The "tax it away" solution proved to be a political fantasy. No politician is going to hike taxes on the middle class to cool down the price of eggs.

My understanding (I'm not an economist) is that MMT is currently viewed as a "fair-weather theory." It explained why we could spend during a liquidity trap, but offered no viable steering mechanism once the engine overheated.

In my mind, this puts it in the same box as Keynesianism. Both theories are politically convenient because they offer politicians an excuse to pander. But those politicians aren't willing to do what their pet theory would require once the emergent crisis has passed.