unprecedented

We’re living through a distinctive era. With the dollar being the world’s reserve currency the U.S. is able to run enormous deficits, seemingly without repercussions.

https://mishtalk.com/economics/the-obba-budget-deficit-shell-game-in-10-pictures/

The dollar became the reserve currency after WWII and by the 1970s it started to be recognized by our policymakers that bondholders around the world would continue to buy our treasuries even when our debt and deficits were high. So gradually after that they simply got more and more profligate — so far without consequence. If any other country did such a thing their interest rates would soar, negatively affecting their economy. But the economic, political, and military dominance of the U.S. makes our case unique. It has enabled unprecedented fiscal and monetary stimulation.

The increasing debt load figures to matter at some point, but no one knows when, and as long as there don’t seem to be repercussions the deficit spending will go on and on. The deficit spending buoys the economy, making the policymakers look good in the short run.