How dare politicians implement popular policies to appeal to voters!
Hahaha. Chair of the Senate Judiciary Committee, I agree, but VP? There's a reason why there's a Veep TV show.
It's a very old mispelling that I'm sticking with.
> I'd be interested in seeing a non-crank source for your assertion. Everything I've read suggests that it'll likely be inflation-neutral or slightly reduce inflation over the next 10 years.
Over the next 10 years, maybe. But circulating money that didn't exist before (that's what happens when the government increases the debt) devalues existing currency proportionally. It is, by definition, inflation. It's effectively a flat tax which disproportionately affects the poor (as all flat taxes do).
The result is an _immediate_ spike in inflation that _maybe_ cools if the projected revenue is real (it often isn't). That inflation had been staved off for the last... two decades or so by lowering interest rates, encouraging people to spend money they wouldn't otherwise (or borrow it themselves) thereby increasing their buying power and offsetting their devalued currency.
Unfortunately, you can't lower interest rates forever and so, when they reach rock bottom, all your inflation chickens come home to roost.
> Even if spending on it gets up to a trillion dollars over a ten year span, you're still talking about one tenth of what gets spent on defense contractors and the military every year.
Spending more money you don't have is worse than spending less money you don't have.
> I'd be interested in seeing a non-crank source for your assertion.
Back to that though... The reason why the government is spending the way it is recently is because of Modern Monetary Theory[1]. Politicians love it because it says they can spend as much money as they want and debt doesn't matter. They don't really believe it though because they only implement the part where they get to spend all the money you want and the debt doesn't matter. I don't think it's very controversial to consider the "mainstream" (in quotes because the reason they are mainstream is because politicians and political think tanks love them, they aren't actually mainstream among economists) MMT sources to be the cranks.