They discuss MMT in the hill link. The Covid spending went to more than stimulus checks. Add the CHIPS act on top of that. We all are paying for it. This is a lived experience of your “theory” at play and it’s genuinely hellish. The supply side bros will try to sell this to you in order to consolidate more power through “industrial policy” but it’s simply a distinction without a difference.
Beltway bandits will never be able to pick winners and losers more than the market. The
knowledge problem is true and unsolvable. Markets will eternally be underrated despite being the most successful form of cooperation in human history.
Read more Hayek less Keynes. Paternalist forms of government will not work. That is unless you wish to become Venezuela, Argentina, Greece, etc.