Yes, the Fed can always buy the debt so the end point is ultimately runaway inflation. A tale almost as old as money itself.
Spending someone else's money is pretty fun, especially once you find a way to justify it as a moral good.
Spending someone else's money is pretty fun, especially once you find a way to justify it as a moral good.
Welfare spending and public investment are about a shared sense of public good. That’s really what the US lacks, compared to European countries which support much higher levels of public spending with (historically at least) very broad public support.
>But this really isn’t about justifying spending as a moral good
hmm