Economic crises allow for demagogic politicians to pass all sorts of crazy legislation, from price controls to gigantic spending bills. These are the moments when politicians flex their muscles.
Nevertheless there are limits to what they can do to the American people. Despite having to put up with multiple decades of big government, Americans have limits to what they will tolerate after spending the past year being locked down and forced out of work due to the government's response to the COVID-19.
Americans are beginning to have doubts about further government measures that restrict their economic freedom and further saddle future generations with higher debt. As a result, we have seen the Biden administration not be able to pass its most radical spending bills.
Nevertheless, as long as the Federal Reserve exists, the American ruling class can still pull off all sorts of economic shenanigans that distort the economy and lead to boom and bust cycles. In worst case scenarios, this could create hyperinflation if enough money is printed.
This is one economic experiment that the U.S. should avoid at all costs.