It hasn't started yet. There will be major shockwaves if the Core PCE numbers on Friday are significantly higher than expected.
You are far out of step with reality. For the U.S. Federal Government there is no such thing as debt in the sense of what debt means to you personally. The concern for government is whether there will be sufficient productivity to absorb the money. If there is not, the Congress has a way of turning the printing press backwards -- taxation! And the Treasury and Fed can sidetrack excess money -- bonds.
We'll come back to your post down the road when reality hits and we can agree you didn't have a clue as to what is going on. Ignorance is bliss.
As a note of clarification it might be a little misleading to phrase your question in the way you did. As it implies that the Fed is currently driving the expansion of outside money. This, of course, is not correct. It is the Congress that makes spending decisions, not the Fed. The money "printing" step occurs when the fed credits the Treasury's reserve account in amounts greater than Treasury receipts so that checks drawn on the Treasury will clear, as they must according to law.. The fed does not make the decision to spend. Only Congress can do that.
A lakefront cottage next door to mine, a true piece of shit fixer upper, but nice waterfront property, was listed at $575k and sold for $919k. There were 41 offers. This will not end well.
There is no such thing as Federal Debt, at least not at all in the conventional sense. It follows that there can be no such thing as a debt problem. That's why you won't see administrations worrying about "a debt problem". There is such a thing as the deficit, but it is both good and bad depending on other factors.. It will have to grow and shrink with the economy, but as long as the economy continues to grow larger, the natural course is for the deficit to continue to grow as well. If it doesn't grow in synchrony with the economy the economy will ultimately be thrown into recession or inflation. There are real constraints on how much money can be in circulation at any given time without causing an inflation problem. And there are always serious long terms concerns about GDP, and its trend relative to population.* And too, there are ultimate constraints on the fraction of total money created that appears on the bond side. These are, however, concerns having nothing to do with personal finance concerns, which of course would legitimately include debt. _____________________ *This is why Greenspan corrected House Member Ryan when Ryan was trying to lobby for privatizing Social Security on the basis of the latter becoming insolvent when future generations retired. Greenspan pointed out that there was nothing to stop the Government from printing as much as needed to meet its Social Security Obligations. The real question, said Greenspan, is whether sufficient assets will be there when they are needed.
I think it is important to understand that the primary money Printing step occurs when the Fed must add a net amount to the Treasuries Reserve Account in order for the Treasury's checks to clear. Keep in mind that this is a purely functionary Role that the Fed plays, and they can not use any discretion in playing this role. The Treasury is obligated by the U.S. Constitution to pay all the Federal Treasury obligations. The amounts of Treasury spending are strictly determined by fiscal policy as dictated by Congress. The Fed has no flexibility in this matter. The Fed's only flexibility is in regard to monetary policy. The Fed can itself appear to create money when it wants to buy bonds on the secondary market. But this operation is really simply exchanging one kind of money for another, and the bonds it buys (normally) are the same bonds the Treasury sold. When the Treasury sold those bonds, money flowed to the Treasury's reserve account. When the Fed buys those same bonds, Money flowed from the Fed's Account into the private sector and the private sectors bonds flowed back to the Fed. At the end of the accounting period any net profits of the Fed are transferred to the Treasury's reserve account. When you look at the consolidated books of the Treasury and the Federal Reserve side-by-side it is immediately obvious that the two are really one, and the only net money printing occurs when a deficit is created, and the deficit therefore equals to the penny the net money creation. It soon will become clear to you that all of these bond operations, whether by Treasury or Fed, are simply an exchange of one kind of money for another, the other being an interest-paying kind of money, between the federal side and the private sector. The only net money creation step occurs when the Fed credits the Treasury Reserve Account to cover a net shortfall. The deficit is the "debt". But there is really no Federal debt. Just a deficit which can be either too big or too small depending on circumstances. And it doesn't have to ever be "paid back", but it must be well managed. The net deficit is simply the same thing as the amount of net money furnished to the economy so that commerce can be carried out without excessive inflation or excessive deflation. One constraint that needs long-term consideration is bond interest servicing, or what we mislabel as "debt" servicing. This is a type of non-discretionary spending that might crowd out discretionary spending if it is allowed to grow too large relative to the economy. A further concern is the reserve status of the U.S. Dollar. The dollar is currently sharing this status with other currencies . If the Dollar becomes less and less used for international commerce, Central Banks will seek to reduce their dollar denominated assets and this could potentially have profound, rather negative impact on the Dollar.