WSJ’s concluding paragraph deserves emphasis:
Keep in mind that CBO this summer projected that annual deficits will already exceed $1 trillion on average through 2030, causing U.S. debt to swell by $12.8 trillion—and that’s before the infrastructure bill or this House bill. When the spending all kicks in, and the rich are all taxed out, the middle class will be hit with a huge tax increase. This is the most dishonest spending bill in American history.
Today’s money supply (M2) in the U.S. is about $20 trillion. Adding $13 trillion to that will cut the value of a dollar almost in half. Specifically, what $1.00 buys today will require $1.65 after M2 increases to $33 trillion.
This rough calculation illustrates the magnitude of the error we are in the process of making. It is certainly possible that our economy will produce $13 trillion in new goods it would not otherwise produce, but to think it probable is to practice magic.