In Stephanie Kelton's book she says "myth #2: deficits are evidence of overspending. Reality: for evidence of overspending look to inflation". (page 41).
So if she's right then we don't need to worry about the higher levels of federal government spending in the US as lot as we aren't experiencing inflation.
Uh, are you not aware of the historic inflation we've seen over the past couple of years? The highest inflation we've seen in 40 years?
Yes, it's really bad - definitely affects my mood more negatively than anything else in the last 6 months to a year, and that includes COVID. While the government figures say 7%, I've seen closer to 15% to 20% increase in my budgeted spending over the last year, with no change in consumption, and it's not stopping with that. And the vast majority of these price increases are NOT temporary. What a lot of people seem to misunderstand, and I've seen it in the mainstream media, politicians, and even from people on this website who don't understand it, is that if inflation eventually falls to say 3% in a few years, that does NOT mean that prices will fall on most things, it just means they won't continue to increase at such a high rate as they are now. And if someone cuts their spending by eating out less or such to keep their overall expenses the same as the previous year, that does NOT mean they aren't seeing or aren't affected by inflation, just the opposite. You can only live in a state of denial for so long.
All the government spending and higher wages are feeding into it, which in turn causes inflation to feed on itself as prices continue to skyrocket.
I've already delayed fire for at least another full year due to rampant inflation when I had previously been almost certain about FIREing this spring.