One of the side effects, of course, of printing all that money will be inflation.
What's really interesting is to read what John Maynard Keynes himself had to say about that in 1919:
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their people. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls ... become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished not less than of the proletariat. As the inflation proceeds ... all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless.
Notice that Keynes is more discussing government confiscation of wealth, not government redistribution of wealth.
Brian Shields makes the point in his dissection of President-elect Barack Obama's promise to create 3,000,000 new jobs, of which 80% will be in the private sector:
Ame- Hold up. 80% of 3,000,000 in the private sector? That means 20% of them will be government jobs. That’s 600,000 new government employees! What the heck are you going to do with hiring 600,000 new government employees? Is that the new Depression era public works program?
According to the Bureau of Labor Statistics, the Federal Government employs [excluding the Post Office] 1,800,000 civilian workers.
This means that President-elect Obama is proposing to increase the size of the Federal government by 25%, to 2,400,000 employees.
By means of comparison, only Wal-Mart and McDonald's (and this is counting global stats) employ over 1,500,000 workers; pretty much everybody else is well below 400,000, and the overwhelming majority are below 125,000. You can still make most of the "top ten" lists with about 35,000 workers.
So if you plan to take the size of the Federal Government from Wal-Mart to Wal-Mart plus GMAC plus Ford, you're going to have to transfer--technical term coming up--shitloads of money out of the private sector.
This is one of the forms of government confiscation of wealth that Keynes (the pre-1929 Keynes that you rarely hear about) was contemplating. Large business enterprises either have to pay for new employees out of profits or borrow money to do so. The Federal government doesn't have any profits to use for that purpose, so it borrows money from the private sector by confiscating it. When direct taxation won't work, inflation usually does.