Yes, this is the entire point. Government needs to spend productively to grow the economy.
Any spending can be inflationary if it’s perceived to not be productive.
How that spending is financed is a footnote. Domestic debt works, foreign debt works, but the central bank can also purchase bonds and that works too (and is not inflationary). This is what Japan has been doing for decades to great success.
Not to say that the transition is easy, and if too much of the USs debt is owned by 3rd parties that means that there will be currency value shocks that have to be mitigated.
It does not mean that there will be a crash, or a recession, or a default.
The counterargument is whether the government should be directing the allocation of resources via its spending rather than private actors.
Any money spent by the government in an economy is going to cause a redirection of resources from other actors to its own spending. In an economy running below its normal potential it makes it easy to justify because not much is getting done anyway, but if everyone is already doing a lot of stuff and there's not much spare capacity, then the government is effectively overriding the preferences of private citizens to its own ends to a much greater degree.
There's other arguments as well as to how efficiently the government tends to be at actually getting productive things done with its spending.
It's up to you whether this is good or not, but I'd argue it should not be our default position.
Any spending can be inflationary if it’s perceived to not be productive.
How that spending is financed is a footnote. Domestic debt works, foreign debt works, but the central bank can also purchase bonds and that works too (and is not inflationary). This is what Japan has been doing for decades to great success.
Not to say that the transition is easy, and if too much of the USs debt is owned by 3rd parties that means that there will be currency value shocks that have to be mitigated.
It does not mean that there will be a crash, or a recession, or a default.