The most worrying thing is that congress has to drastically cut spending and/or raise taxes so the fed can raise rates while still allowing the government to se

The most worrying thing is that congress has to drastically cut spending and/or raise taxes so the fed can raise rates while still allowing the government to service it's debt. I believe the government absolutely blew its load propping up lots of entities during the early pandemic who actually did not need propping up at all (in retrospect). In an idealized case, the government would go around and ask everyone "Hey, if you didn't actually need that money, could you give it back?" and people would honestly return it. Obviously not going to happen though.