“ALL” net US dollars are nothing more than tax credits payable upon demand to the US government. Only spending in deficit leaves it in the private sector to be used as a denomination of commerce/contracts and a store of value. As soon as we get stupid enough to actually try to “pay down” the debt to any significant degree we will crash the economy, as we did the last seven times we did get that stupid, the last being Clinton’s surplus budgets. There are no net dollars in the economy that are not part of the debt. You can’t net pay private debt with more debt. You also can’t net save money created by private sector borrowing. By accounting identity, savings of money created by private debt must be someone else’s loss.

The Chicago school of economics (trickle down) posits that currency is only a means of enabling barter and that government is just another “user” of the currency competing for it with the private sector. This ignores the question of the origin of the first dollar used to purchase gold and the purpose of taxation as a driver of the currency. The issuing government never “needs” its currency back to spend. It exchanges the currency it issues for resources the private sector offers to enable it to obtain needed currency to pay a tax levy imposed by the government and only payable in the currency the issuer creates on demand.

As the monopoly issuer of the currency, the government provides the currency needed to pay taxes and to denominate commerce. This draws resources into the economy by effectively making everyone unemployed until they can satisfy the tax obligation. All governments use this method to assure they can provision themselves on demand without a revenue stream. No further “value” is needed beyond the ability to levy and collect taxes.