Money is just a mechanism for resource allocation - there are many unemployed people, and there is much infrastructure that needs fixing (not just physical infrastructure, but also social infrastructure). Let's allocate those resources, through government direction if necessary, and sort out the money stuff later.

The Fed has changed policy, 2% is not a maximum anymore. With as much government debt as we have now, inflating it away is the only realistic way to get rid of it.

Private debt is subject to inflation too.

What does private debt have to do with Fed policy?

Higher inflation reduces debt over time. You take on a mortgage and 10yr later paying it is cake because the debt doesn't track inflation whereas your pay does.

That's only true if inflation is higher than the interest on your debt though, right?

> Printing more would ensure currency debasement.

Lot of countries around the world intentionally debase their currency to stay competitive. It's a valid monetary instrument. In the short term, currency debasement would lower the standard of living of Americans, but it would make their labor competitive.

Agreed