Thank you for the answer professor Herbener
In the case of the federal government. What if we assume the debt is never going to be paid back. Since the dollar is the reserve currency of the world, wouldn’t the effects of fed printing being mitigated through out the whole world, so there would not be any appreciable inflation in the United States?
So in this case does the effect of overpaid workers not have an effect on the taxpayers standard of living?