The reason the Democrats went bad economically is the lack of discipline and understanding.
In detail, you can avoid inflation, even if you print new money, so long as you also remove a comparable amount of currency from circulation. One way to do that is endless war; it basically burns money in an unrecoverable way. Another way is to fund programs that leave no value behind, especially foreign programs that leave no value behind. To avoid inflation, the rarity of the currency must be maintained, and so the total amount of dollars circulating in your economy must be conserved. It’s like the physical laws of conservation of mass-energy, conservation of momentum, and so on. This is the “law of conservation of currency”:
$injected = $destroyed → no inflation
But if the government has to print even more money, on top of what it already printed, to cover these money-burners as well, you get inflation. You’ve injected an excess of currency:
$injected++ > $destroyed → inflation
Also, if you confuse money-burning spending (e.g. war in the Middle East, affirmative action programs, foreign gay pride parades) with spending that actually leaves recoverable value (investing in productive science, nuclear power, battery tech), you fail to remove currency that you printed from circulation, and so in this case you also get inflation. You’ve failed to remove the excess currency that you printed:
$injected > $destroyed-- → inflation
So, if you are going to print money, you also need a clear understanding of what spending generates recoverable value and what spending does not. It’s tricky, especially if you are an elite who wants the temporary power and pleasure that this generates. Watch the movie Brewster’s Millions.
If the elites don’t keep these things straight, if they don’t keep this fiscal discipline, the value of our currency will go down the tubes.
But the elites are addicted to power. They are enchanted by the idea that they can reallocate money without inflation, as long as they follow the simple law of conservation of currency. Over time, this knowledge got distorted into “you can print money, as long as you spend it.” And that is the Democratic Party today.