The stated goal of govt seems to be low (but positive) levels of inflation and high growth. The current situation with high inflation and low interest rates makes even tax-free govt bonds undesirable. And they will need to raise rates. So I'd say policies are backfiring, yes.
> The stated goal of govt seems to be low (but positive) levels of inflation and high growth.
Yes, and I disagree with that position too, but people are taught Keynesian economics, so even beginning to unfurl that mess is asking for a downvote storm.
The same people that will argue inflation is beneficial for growth tend to believe they are also open minded, free thinking, and well `educated`. It makes for a difficult argument often resulting in a lot of pointing to `authorities` on the matter.