this post was submitted on 04 Nov 2023
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For those that are curious, this is possible because the US has monetary sovereignty in a fiat currency. This means that the federal government is able to allocate literally trillions of dollars more than the annual budget without harming the economy in any way, because a vast majority of US debt (and deficit) is to the US federal government.
It brings up arguments for MMT (Modern Monetary Theory) which is one of the scariest boogeymen Republican leadership has ever heard of.... So you know it's probably fire and a very good option for future US. It's been years but Unfucking The Republic did an episode I really liked on it that could probably use a revisit.
It's a bogeyman because it's shit nonsense economics. It's a one way ticket to hyperinflation.