It seems to me that profit is the guiding force as to the quantity of money available. Even if we examine the profit as beginning with an issuance created by the government High Powered Money we are gaining more High Powered Money from each instance of raw materials to finished goods as the process becomes self sustaining without the government going into deficit spending to balance the High Powered Money. Therefore, we can continue to grow from the continuing process of raw materials to finished goods and the government can have its surplus. So long as purchasing continues. It seems to me that the High Powered Money follows the commercial aggregate productivity of the particular jurisdiction.
Government spending is small compared to total commercial spending.
The argument seems to me to be one that says the government can't put away any money for a rainy day. For example, Microsoft has accumulated over 20B in cash. In other words, an automobile manufacturer buys with current High Powered Money the materials to assemble a car. Once the car is assembled the profit available from the cost to build to the sale is a surplus that occurs without any government High Powered Money. The automobile manufacturer then has a surplus to buy more raw materials, invest, or loan money to others, this last being the most important with Wray's reasoning.