I will largely leave that assertion for the reader to chew on. However, I would note that I chose my wording carefully.
- I wrote "in a country like the United States" to get around the fuzziness of the definition of "floating currency sovereign." The United States in certainly in that camp, as is Japan, and the inclusion of other countries might be debated. I think the club is fairly wide (among developed countries), but some people refuse to listen to me for some reason or another.
- There is a widespread confusion in the broad public between the words "debt" and "deficit." I wrote "stock of debt" to make clear that this is a stock measure, even though "debt" is a stock by definition. A great many people deliberately blur this distinction, and it is very easy to imagine some people summarising my sentence as "Brian Romanchuk does not think the fiscal stance matters!", which is obviously incorrect.
If I get any pushback on my assertion either in comments here or on Twitter, I'll probably expand this article to discuss points that are raised. Prove me wrong!
(Note: since this is just a short comment, putting it in my Sunday publishing slot.)
* The Fiscal Theory of the Price Level (FTPL) is one of the few stories that one can come up with to worry about the stock of debt. However, given that the price level does not jump in response to changes in fiscal policy, the FTPL is obviously contradicted by the data. However, if one accepts the FTPL, it does contradict my assertion, as I recognise.
(c) Brian Romanchuk 2019