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Last March was when Modern Monetary Theory was launched in Washington DC. The CARES Act provided $2 trillion of financial aid.
As a result, the U.S. budget deficit mushroomed to $3.5 trillion in Fiscal 2020 - triple the previous record - while the Fed's holdings of U.S. Treasury securities soared by $2.4 trillion in the last year.
Except for Europe, most economies are doing well, including ours. Then why so much deficit spending?