In order to get inflation to 2%, how much demand do you have to kill or how much does credit have to tighten to offset the new interest income in the economy and a 6.1% fiscal deficit per year for the next decade?

Inflation will be higher for longer. The Fed by necessity will have a higher implicit if not explicit inflation target.

Are these deficits investment? Will they stimulate more than nominal growth?

I don’t know the answer to that question and the outcome is arguably circumstantial. I do know Marx would likely show a preference for a 6% deficit rather than only a 2 or 3% extra piece of the pie.

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