The elephant in the room is the continual creation of new money by the Fed by dumping it into the financial industry, while the legislative government itself ha

The elephant in the room is the continual creation of new money by the Fed by dumping it into the financial industry, while the legislative government itself has been hamstrung (and is now being killed) by this "debt" narrative (eg a good chunk of that debt is just to the Fed itself!). The consumer price inflation from the first Trump term caused the first spate of fiscal responsibility the Fed (and thus the government as a whole) has had for the past several decades. Going forward, the productive path is to tamp down on the monetary creation being done by the Fed, let the asset bubbles cool down, and be comfortable with the legislative government spending newly-created money for deliberate goals.