We actually had a rare experiment to revalidate this in the 2008 recession. The US went with money printing and inflation while the EU chose austerity. The result was the EU suffered a prolonged and deep multi-year recession while the US had one of the longest growth periods in its history.
Economics as a field has lots of issues with respect to lack of validation. But this is one of its major successes and is repeatedly backed by empirical evidence.
> ...the US had one of the longest growth periods in its history...
How are we measuring this? Because from 2007 -> 2019 US nominal GDP is up 50% and the M2 was up 102%. I don't think this argument that keeping price inflation contained to assets rather than consumer goods justifies calling it a period of growth. Someone is collecting all this money and it doesn't look like it is people who earn wages.
The US debt/GDP ratios have also crossed lines where there isn't even room to pretend they are going to come down again voluntarily. US debt to GDP is out of control.
The US doesn't look like it is coming out of a long period of growth. If that were true it is surprising how much trouble it is having covering its bills, and giving money to already wealthy asset owners isn't helping.
Economics as a field has lots of issues with respect to lack of validation. But this is one of its major successes and is repeatedly backed by empirical evidence.