@sun @feld @Leyonhjelm Yeah I mean it seems excessive but in reality the costs covered were not that high. The other costs were doing loans to companies from banks so credit didn’t stall. The liquidity crunch means there’s not enough money in the system. So that was loaned. The loans created more loans that created more loans. As a society of debt we really have a hard time reconciling how debt works. It’s all debt there’s no unlimited money, there’s no printer it’s all debt. Basically the government raising the debt ceiling is using BNPL. So obviously taxes are critically important to cover that.

When we think of money printer though, the dollars created by the process is exactly how our system has worked for all my life. Not much is going to change this the reality is we need to be more prudent about how we do it.

I could go into a long winded explanation of how taxes matter and don’t matter and what the taxes should be ideally vs what they are. Nobody quite likes me going on about taxes as it challenges conventional wisdom. That said we are not taxed enough as a society. The tax that is hated is unequal tax. That’s what is really the core problem.