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I wish the bureaucrats were as worried about excessive government spending, as they are about the habits of consumers. When private citizens spend more than they take in, they are considered poor risks, and their credit rating plummets and if not corrected, they end up in bankruptcy. But when politicians spend way beyond the revenue collected, the printing presses just create more money out of thin air, and a lot of it is sent to foreign nations. This seems to be acceptable to the Fed and the political establishment and not much is said about this inflationary practice.
This is from the Federal Reserve website: The Federal Reserve System performs five key functions that serve all Americans and promote the health and stability of the U.S. economy and financial system. It conducts the nation’s monetary policy, promotes financial system stability, supervises and regulates financial institutions, fosters payment and settlement system safety and efficiency, and promotes consumer protection and community development.
Until debt destabilizes the system, the Federal Reserve can only advise.