Assuming, for the sake of argument, that these debts do not begin at "fictional" and go from there (and this is a viewpoint I don't personally hold, so long as

Assuming, for the sake of argument, that these debts do not begin at "fictional" and go from there (and this is a viewpoint I don't personally hold, so long as reserves are denominated in the U.S. dollar its motion and not the numbers on a balance sheet are what actually matter): spending creates money, taxes destroy money. If you're worried about inflation, tax better. Which is not merely "higher", but involves effectively targeting those taxes too for more returns. This is a generality and of course it's more nuanced than just this, but "spend in bad times, tax in good times" is a reasonable place to start. Where we have problems is that the "tax in good times" side of this keeps getting dropped for one reason or another. Cynically, I notice that this "for one reason or another" coincides strongly with a particular political party being elected once good times are back so that they can proceed to drive it off the nearest hillside yet again and somehow blame "government" for it.