re: Putting the massive fiscal into perspective

I’m not referring to paying it off entirely. Of course we shouldn’t do that. I could have been clearer on that point.

I’m referring to even getting Debt to GDP down to a meaningful level short of financial repression, Fed monetizing the debt and then effectively writing it off, defaults and restructurings, or some sort of economic growth miracle.

Even the MMTers recognize inflation as a constraint on deficit spending. Absent financial repression, how will we ever get back to, say, pre-COVID debt to GDP levels? Or do we not need to because interest rates are low? In which case, are we admitting the Fed will never be able to raise rates again? Because refinancing this at higher rates will be a bitch: