India experimented with half MMT. Didn't work.

 "The idea that a government that can freely print and spend its own currency shouldn't deny anyone a job is gaining currency in our pandemic-ravaged world," wrote Andy Mukherjee. This is known as Modern Monetary Theory (MMT) which postulates that "any government spending can be paid for by creation of money, with the purpose of taxes being to limit inflation, by controlling the money supply". The only limit to government spending is the availability of "real resources, like workers, construction supplies etc", and when money supply exceeds available resources it will result in inflation. Taxes will not be used to finance government spending but only to drain excessive cash out of the system in case of inflation. "Monetisation of (fiscal) deficit was in practice in India, whereby the central bank automatically monetised government deficit through the issuance of ad hoc treasury bills," wrote Deepthi Mary Mathew. According to the FRBM Act of 2003, the Reserve Bank (RBI) "was completely barred from subscribing to the primary issuances of the government from April 1, 2006". The Act could have been precipitated by double digit consumer price inflation (CPI) between 1990 and 2000. "Emerging markets have reasons to be wary of MMT." "For instance, New Delhi is finding it tough to explain to people, why, with India's economy expected to shrink in real terms this year, it's hesitant to boldly expand its budget deficit." "Experts across the ideological divide thus agree on the need for India to create jobs and output growth. Without these, high government deficit or even credit growth could lead to inflation and currency instability," wrote Prof Anant Narayan. Do fictitious job creation schemes like MGNREGA increase productivity or national wealth? Problem is that no government in India will dare to eliminate income tax which is seen as a means to reduce inequality. 'The maximum marginal tax rate that an individual taxpayer has to pay in India is 42.744 percent. This includes a basic tax rate of 30 percent plus Surcharge of 37 percent plus education cess of 4 percent." Retail inflation soared to an 8-month high of 7.34% in September. In its last Monetary Policy Committee (MPC) meeting, the RBI kept interest rate at 4%, which means that the real interest rate is close to minus 4%, according to Prof Raghuram Rajan. High taxes with loss of value of savings is hitting the middle class out of existence. "Half of all work tasks will be handled by machines by 2025 in a shift likely worsen inequality, a World Economic Forum has forecast." How can any government hand out cash to half its workforce? Cash will become confetti.