Page "Deficit spending" Paragraph 8

A related line of argument, associated with the Austrian school of economics, is that government deficits are inflationary.

Anything other than mild or moderate inflation is generally accepted in economics to be a bad thing.

In practice this is argued to be because governments pay off debts by printing fiat money, increasing the money supply and creating inflation, and is taken further by some as an argument against fiat money and in favor of hard money, especially the gold standard.