(To be clear: I don't think we should have been cutting social spending. But we definitely should not have been giving huge tax breaks to the most wealthy.)
So to answer your question: it's likely that the future probability of safely printing money goes down as more money is printed, thus making that ability a scarce resource.
My intuition is that the federal government giving additional money to the wealthy (as it has done since 2016) is of less marginal value to society than retaining the future ability to print equivalent additional debt.
I could be wrong of course.
