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Yes but since the debt was to the government the result is an net increase of spendable dollars chasing fixed quantity of goods. Hence inflation equivalent to the amount of debt service being paid (not the lump sum).
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Idk how large the amount is probably not any worse than renewing 7k credits to Tesla buyers. There are a lot of folks with debt though and they only build some tiny number of Teslas. That money is all going to go right into circulation though instead of pumping equities or real estate though.