Policymakers might secretly prefer to do that through higher inflation, which lifts nominal incomes, than through the painful processes of cutting spending and retiring debt, or default.

If large health insurance subsidies were offered to all Americans, regardless of income, the program's cost would be exorbitant, requiring substantial increases in explicit taxes.

It was this kingdom, notionally large but with a small power base, which would grow, slowly incorporating the neighbouring areas, into the powerful kingdom of France during the Middle Ages.