The GDP equation is —
GDP = C(onsumption) + G (overnment Spending) + I(nvestment) + (Exports - Imports)
GDP is about $24T. Fully $6T of that is Federal spending (spending is much greater than deficit) and you can add more for State and Local government spending.
Further, somehow, Soc Sec payments to recipients is called part of Consumption
Investment is decreased by taxes.
There is a conservative habit of imagining the Capitalism is glorious and the source of all good things. But look at the equation and the totals.
GDP increase ($$ not %) in nearly all of the years since 2000 has been less than the deficit.
Capitalism has failed. Government spending, often funded by whimsically created Fed dollars, is the source of our GDP.
And no, it is not because of Reserve Currency. That actually is a meaningless phrase. It is all because of whimsy. The MMT people are dangerously close to correct.
Capitalism didn’t fail; it was murdered.