If so, would there need to be so much money printed that there would be hyperinflation?
well andrew jackson reduced the national debt to about 33k by cutting government spending and abolishing the 2nd national bank, which was the central bank at the time
do you expect a definite answer? something like “yes” or “no”? because I believe that no one can give you such, unless he or she is the oracle from The Matrix.
The vast majority of all of the stimulus packages go to government programs, so that’s probably what they’re going to do. It’s most likely impossible to pay it back through taxes, whether you take down the Federal Reserve or not. Does anyone know the quantity of money the government owes Federal Reserve specifically? I know there’s the interest due is a pretty high percent of GDP, but I don’t know the actual number in USD.
In theory, it can be done with ease. Have the govt spend, say, half a trillion dollars LESS every year than it collects in taxes, and pay off half a trillion of the national debt every year.
In practice, this requires courage and wisdom on the part of people notoriously deficient in both. So the answer will probably be what you wrote, and what has always been done historically, money printing that will produce hyperinflation.