As federal debt (red) has risen, so has the economy (blue — GDP). Higher federal debt leads to higher GDP growth. The reason: GDP=Federal Spending +Non-federal Spending + Net Exports.
Page 2. The reason:
Economic growth and federal debt growth have been extraordinarily high since the end of the COVID recession. Despite efforts to reduce Federal Debt growth — efforts that, if successful, would reduce GDP growth — federal debt and GDP have continued to grow rapidly.
Page 3.
There is no relationship between federal debt and inflation. No data suggest that “too much” federal spending causes inflation.
Page 4.
A strong relationship exists between inflation (green) and oil prices (gray) as dictated by oil supply. Shortages cause price increases. Inflation is a general increase in prices. All inflations throughout history have been caused by shortages of crucial goods and services, usually energy and food.
Page 5.
Changes in federal debt (incorrectly called federal “borrowing”) do not reduce the availability of lending funds (yellow). There is no relationship between federal debt and the amount of lending.
#Monetary Sovereignty - Mitchell 
Well-said. There is practically zero correlation between “money printing” and inflation. The real cause of inflation is shortages.
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