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Sovereign Defaults & Hyperinflations
Peter Bernholz, a Swiss-German economics professor, researched the causes of past hyperinflations. 25 of 29 hyperinflations in his long-term dataset were the result of government budget deficits financed by money creation. External shocks in the post-communist era triggered the remaining four. Historical evidence shows that past hyperinflations were often proceeded by multi-year budget deficits that amounted to roughly 40% of GDP.
(Sources: Anychart.com)
The first chart above shows that the U.S. budget deficit did not amount to double-digit negative figures for multiple years. Nonetheless, 2020 might be different due to COVID-19.