The Republican Tax Cuts Are Pretty Unproductive, Right?

If the government's spending had been on things that didn't increase the underlying productive capacity of the economy, you almost certainly would have just had inflation. We can build things and blow them up. Every time we pay somebody to build the thing, that adds to GDP. And we have additional productive capacity, but then we blow it up. That destroys productive capacity. So I totally take the point that you cannot continue to provide income support or spend into an economy that lacks sufficient productive capacity for demand with higher supply. You're going to get an inflation problem; I accept that.