Neither of these ideas could be further from the truth.
But first ... let's acknowledge the core concept of these three words: "Modern Monetary Theory". It can be summed up with another three words: "Debt Doesn't Matter". Yes, my friends, you can read volumes about MMT and in the end, what is distilled from all the academic argument and theory involved is that debt doesn't matter (in terms of currency hyperinflation). And the lesson of 2008 lends credence to this view.
Now, the way in which MMT is demonized by the conservative right is to claim that our US political system has been infiltrated by un-American Marxist welfare state-ists who want to rob the middle class's hard earned dollars and give them away to illegal immigrants who will watch free Netflix in their underwear all day, then screw all night to make babies for more free meal tickets. Hold that thought for now, because this idea does bother some people - just not the ones (or for the reasons) you may think.
But the trick here is that our progressive welfare state doesn't actually take the middle class's earned money and hand it over as entitlements. It just prints up all this free money, making the earned money worthless. Most everyone gets this narrative - it's played to death. But again, the lesson of 2008 keeps chipping away at this notion of "making the middle class's earned money worthless" - because here we are 11 years later and it "kinda hasn't". It just pisses earners off to see the same money they earn given away (if only they realized who it's really given to, and how much).
Hopefully, we can begin to understand the truth of these matters. MMT has been in practice for decades (long before 2008). But ... it's not the little people who are the recipients of this free money. It's the generational wealth dynasties and preferred shareholders of the systemic banks who are the benefactors. Listen to Jim Rickards from about the 16:00 mark below:
Yes, the FED could issue 4 trillion in unsterilized dollars to bail out the derivative banking system without creating hyperinflation, so why not issue another 4 trillion to accomplish the Green New Deal? Why not? Because it is the confidence of the ruling class that matters, not the confidence of the little people.
You see, this system in which the ruling class is on "systemic welfare" and the working class is left with dollars that are "harder to earn and keep" ... this is the system which the ruling class supports. Change MMT to place the needy on welfare and leave the rich to create nothing less than real, socially responsible, material wealth (instead of money from money - backed by bailouts) and the system will be sacrificed in another Great Depression. The rich can endure the transition to a new system which again places them on welfare (at the expense of working classes).
The families illustrated this stalemate to the world in 2008. Does no one remember this? The system was to be sacrificed if the debts of ruling class's systemic banks were not salvaged. And it was not 4 trillion, it was 23 trillion on the books (and more off).
This my friends is MMT. It is no theory, and again, it has been in practice for decades. And it is never used for the purpose of shoring up income equality, it is used EXCLUSIVELY to increase income INEQUALITY. So in effect, MMT will NEVER be anything more than a theory for its "left leaning Socialist progressive" proponents. Rather, it is a practical tool for the ruling classes to increase wealth and power at the expense of the working class tax base.
As such, MMT and Corporatism go hand in hand, as they have for generations in one form or another. And hopefully, with this better appreciation of MMT, the little people can truly understand who is entitled, and what it means to be.