Where do you think the US gets the money to fund wars, Covid, bank bailouts etc. and how has the US has been in a deficit for nearly all of its existence? The US doesn't borrow money from the Fed - the Fed creates it and the US doesn't pay it back. No one has to pay the Fed back.
In the 1930s, FDR and Keynes used monetary policy and money creation to relieve Americans of the Great Depression. Spending money on the public is an investment. For this example, think of it like a business investing into R&D for returns. The Fed created money for FDR's New Deal and invested in the public to provide jobs for Americans. The initiative significantly reduced unemployment and improved the economy.
The event of the 60s and 70s is way more complicated to explain in a short comment, but the Phillips Curve has been disproved. Monetarist economists under Friedman were wildly incorrect yet their rhetoric has a stronghold within society, but Friedman's math doesn't add up. During the Trump administration unemployment dipped well below the theorized 3-4% unemployment rate believed to maintain inflation, and the Fed has evolved. Many theories we've been taught have been discredited. Monetarist economics have no backing other than belief. Keynesian has the math and history to prove its accuracy, but again, we've evolved and we have better tools.
Cost-Push and Demand-Pull explain inflation and history and math back them up.
The Fed has been creating $220 billion a month and pumping US private banks and businesses with cash. To keep the USD strong, the Fed has been funneling money into foreign central banks as well. Private banks have not dispersed the money as intended and it's centralized in housing and large corporations (why billionaires made billions during the first year of the pandemic). So, ya governments need to enact monetary policy and some of them have begun. Money centralized in one sector/industry causes inflation, but MMT policies advocate against this.
People are the economy and governments need to invest in them. I wrote about our current scenario in this article and linked another writer's article on Taxes are Obsolete. https://medium.datadriveninvestor.com/whats-driving-the-global-rise-in-housing-stocks-and-cryptocurrency-82a2d3c06942
