Why US Debt Is Unsustainable and Destroying the Middle Class - Opinion
The state basically conducts a process of slow default on the economy through rising taxes and weakening the purchasing power of the currency, which leads to weaker growth and the erosion of the middle class, the captive hostages of the currency issuer.
Artificial currency creation is never neutral. It disproportionately benefits the first recipient of the new currency—the government—and massively hurts the last recipients—real wage earners and people with deposit savings. It is a massive transfer of wealth from the productive economy and savers to the bureaucratic administration.