Regime Changes in Macroeconomic Policymaking

Fretting About Inflation May Be Just the Cure We Need
https://www.bloomberg.com/opinion/articles/2021-02-18/larry-summers-s-inflation-fuss-is-the-cure-we-need
Noah Smith notes:
“Since 1980, federal debt has been on a rising path, but there were always political factors restraining it from growing too quickly. Though Republicans were willing to borrow to fund tax cuts under GOP presidents, they reliably turned into deficit scolds when a Democrat was in the White House. Democrats, in contrast, seemed generally biased toward restraining spending — Clinton balanced the budget in the 90s, and Obama was much more instinctively deficit-hawkish than people realize. This asymmetric, uneasy partisan equilibrium served to restrain the growth of debt somewhat.
But what if that’s all over? Democrats, perhaps realizing that an equilibrium in which only Democratic presidents are deficits hawks favors the GOP, have been signaling that they no longer worry about deficits nearly as much as they used to. Ideas like Modern Monetary Theory — which strongly downplays the risk of government debt — have grown in popularity on the political left. Meanwhile, even as debt has risen, popular concern about it has fallen”. 

In defense of concerns over the $1.9 trillion relief plan by Olivier Blanchard
https://www.piie.com/blogs/realtime-economic-issues-watch/defense-concerns-over-19-trillion-relief-plan