As Bill Mitchell stated money is in no way an issue, the real issue is real things like productivity. Why is this so hard to get across to people.
I will never understand how all the attention is on “money.” It is easy to understand that people would think national debt is real debt, there are budget constraints etc. But if they simply listened to just their own arguments (sealed themselves off in a room and just listened to themselves) it seems it would dawn on some of them that their thinking is flawed.
For example, most critics seem to agree that money is of no real value. They call it “funny money”, money with no real backing, money not worth the paper on which it is printed, etc. Yet while they denounce money as having no real value, everything else they advocate is completely centered around conserving money at the complete expense of wasting all the real things (labor, resources, economic capacity, etc.) Instead I would argue that the first rule of business is that you conserve what is scarce and waste what is plentiful, but as I described above, everyone has backasswards in regards to money and budgets.
Of course, in lieu of tax cuts or increases in transfers the government could increase spending on current goods and services or even acquire existing real or financial assets. If the Treasury issued debt to purchase private assets and the Fed then purchased an equal amount of Treasury debt with newly created money, the whole operation would be the economic equivalent of direct open-market operations in private assets.’