Spending has gone up relentlessly since Republicans gained control of both the White House in Congress in 2016. The Democratic takeover of the House has, not surprisingly, done nothing to stop the spending juggernaut.
We can't just assume "public goods" like national defense benefit everyone. They come with real costs, and all the "services" that fall under the category of national defense are certainly not of equal use or benefit.
In the blurry world of conflicting economic indicators and forecasts and policy surprises, activist policymakers at the Fed do not know exactly what the “right” monetary policy is today. Neither do their activist critics.