The Fed only has autonomy over interest rates. Fiscal policy, spending and taxing, are the venue of Congress. The misconception of taxes and borrowing “paying for” spending has been a common theme since ’80 and has done great damage to our nation’s infrastructure and middle class. Most people prior to that understood that the government created the money and taxing/borrowing were measures to reduce inflation. They lived in the New Deal era that was unquestionably our best decades and public spending was responsible for that. I think the turning point was likely the oil embargo and the cost-push inflation it created at a time when we had a mostly inept President and an entirely inept Treasury Chairman.