The economy has pretty consistently getting better and poverty has been going down since the 70s despite increasing our deficit spend rising every single year and inflation steadily going up.
Having an outlier period in inflation over the past three years because of a deadly pandemic is hardly a condemnation of the idea of deficit spending.
I didn't condemn deficit spending. I simply pointed out that the extra money doesn't come for free - you and I are inevitably going to pay the bill.
Edit: I should clarify that economics does not have laws in the same way physics does. The ‘law of diminishing returns’, for example, is more of a trend or generalization than an absolute, and is frequently violated in a way that gravity is not.
Economics is also still not a well understood field. There may be government policies with unexpected effects due to that incomplete understanding. We have seen this many times.
> Economics is not physics
Countries often deny the reality of economics, until their economies crash. Not one has successfully repealed the laws of economics.
Is that an Economics law?
Wishful economic thinking never works.
It's almost as if it's fundamentally a law!
Or is this time really different, as we approach 125% of GDP?
We had a budget surplus in 2001 didn't we?
Any private company doing government-style accounting would find themselves in jail for fraud. "off budget expenditures" - what a scam.