There is no such thing as ‘printing money’ to fund spending. That was a gold standard spending operation and doesn’t apply today.
Obviously. I’m using a euphenism.
Today’s US dollar is inconvertible and floats on an exchange and doesn’t ‘devalue’. It depreciates.
Changing the word doesn’t change the point.
Further, the ‘value’ of the dollar comes from the federal government’s tax enforcement. There is no danger of demand-pull inflationary pressure prior to spending reaching the real ability of the economy to produce goods and services.
The value of anything, ultimately, is what your counterparties say it’s worth. You’re arguing for an inherent value, which technically ended with the advent of fiat money. IOW, you’re “pegging” to tax enforcement. My point is that that’s only one of many variables that establishes that value, and that to ignore other variables like balance sheet debt and the % of the annual budget that is allotted to interest on the national debt will not end well.
You are discussing the dollar operating on a fixed-exchange regime. Today, we do not operate an all cash economy, and we have a flexible currency arrangement.
I am discussing the dollar according to real-world statistical analysis since the establishment of fiat money.