This is true, and even the negative consequence- "trillions more in debt"- is a (to a first approximation) fiction. Central bank balance sheets are supernatura

This is true, and even the negative consequence- "trillions more in debt"- is a (to a first approximation) fiction. Central bank balance sheets are supernatural entities of essentially infinite capacity. We need to use them now. We don't necessarily know how to properly measure the various economic entities and activities we care about when balance sheets are used this way- but that's an accounting problem. We can clean it up in post.