Follow up: is it realistically achievable ever again, and should it even be a goal to be concerned with?
In: Economics
Many of the answers are pretty good to directly answer the question, but leave out something important about money creation as you might think all money is from govt debt without one big picture point. It is important to note that much money creation also happens from consumers and businesses taking out loans from banks. I think it goes something like: Your car loan is a bank borrowing money from the local fed at a low interest rate to pay the car dealership and essentially arbitraging that into a higher interest loan to you secured by right of repo and deficiency in case of default.
As an aside, the banking lobby then takes what amounts to a subsidized profit margin and plows it into political campaigns to the point that by 2005, even the federal bankruptcy law was written almost exclusively by lobby lawyers for ABA bank lobby. For all of their whining about Washington elites, and not that their voters know or care to find out, but it was R appointed judges who destroyed most anti-corruption laws leading up to the bankruptcy heist and then Citizens United. Heil lobbyists, amirite?
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