The US government blew up the national debt by over $5 trillion in just 18 months. To support all of his borrowing and spending, the Fed turned the printing press up to full speed. The central bank's balance sheet has expanded to a record $7.72 trillion as it's created money out of thin air in order to buy trillions in US Treasuries and mortgage-backed securities. Peter said that the Fed is printing about half of the money being spent by the US government.
So, it's not really borrow-and-spend anymore. It's print and spend."