it was inevitable
There were intensive debates about Modern Monetary Theory (i.e., governmental money-creation-and-distribution-at-will) but the simple truth is that it has become a reality, anyway, theory or no theory, policy or no policy.
And another simple truth is that, in the United States, it was inevitable.
Current American generations will benefit in a historically-almost-unique way. Eventually inflation will terminate that way.
What’s historically unique is that (1) the dollar is the reserve currency, and (2) dollar creation is no longer pegged to any hard asset.
Dollar creation used to be dependent upon gold backing. That policy ended in 1971 and the dollar has been a pure fiat currency ever since. And, being the world’s reserve currency, the dollar tends to retain value even when the money supply is inflated.
The ability to create and distribute additional money solves lots of problems. So it was inevitable that the ability would be taken advantage of despite warnings about debasement.
The debasement will become a problem at some point, but in the meantime American people, businesses, and banks are enjoying the money-tree largesse.
