That doesn’t fly.
2019 had trillions of dollars less debt, that now will have 4% tagged onto it and more if 10 yr rates head back up, as they may.
You can’t go back when you are borrowing money. Population rise hits you and interest on growing debt hits you.
The key to all of this is inflation. They *think* they know what inflation is, and if you go surfing around you’ll find Friedman quotes about money supply and whatever, but no one really knows. If money supply was the story, then supply and demand would have no impact.
Money is a substance created by QE from nothingness. There are no laws of nature or even imagination that need apply to it. All that really matters is Congress is going to have to obfuscate things — and before everyone jumps up and down about the GOP needing to reduce spending, go have a look at the GDP equation. Govt spending is an explicit part of it.
No impact on what?
Yes, the amount of money in circulation is important, but the idea you can keep creating far more money than the increase in productivity, without consequence, is silly.