Build a bridge, Sam!
The thing we would typically worry about with high deficits, namely high interest rates, is not happening. Interest rates are actually negative (“it means markets are so nervous that they will literally pay us to keep their money safe for them”). According to Ezra Klein, this is one reason why we should do infrastructure now rather than later. Postponing this kind of investment will cost us more. In addition, unemployment in the construction sector remains very high and “there are construction workers who need work right now”.
What would Lord Keynes think of this?