[ascorbic]

QE books purchases aren't about allowing the government to borrow more. In any rich country the government can borrow as much as it wants. It's about crowding out private purchases of those bonds so that those lenders will lend to businesses and people instead. I'd be willing to bet that a $1000 tax refund is more likely to be spent than an extra $1000 that banks may or may not lend to someone.