The thing to keep in mind about macroeconomics at the federal level is that nothing is really about the money. The money is no more important to our government than the scores of sports events are to the stadium owners. They can never run out of points to award and the government can never run out of money. The other is simply accounting principles and sectoral balances. Money moves across sectoral boundaries and causes opposite entries in those sectors.

When the government spends it is recorded as a negative/debt and that causes a positive entry/asset in the private sector. Since every dollar in existence has its own debt entry in the government sector it is destroyed by accounting identity when it enters the government sector. Tax revenue is an oxymoron and neither taxation nor previous spending determines the government’s ability to spend. Only real resources and inflation caused by scarcity are restrictions to that.

Real economics is about people and real resources. Money is simply a way of deploying resources to people. If more money is deployed than there are resources available to buy the money will bid up the prices and cause inflation. This will not be across the board “monetary” inflation unless the economy is at maximum utilization/production and every employable person is employed. Scarcity of individual resources or supply chain problems may cause individual items to rise in price, but those would happen no matter what the level of spending is at the time.