His wording is just off because of the invention of the money printer (and now credit expansion).
Your take applies under a sound money standard, but as of today, they can just print, hence the humiliation of taking our earned money.
Discussion
I’m not talking about hypotheticals. I’m just saying that taxes do fund most of the government spending.
That doesn’t make sense though. We wouldn’t be ~31T in debt if that was the case.
Unless you’re saying *at some point* the only way to pay that off is through tax, then I guess.
Up until now they’ve funded it just by rolling over debt. Let’s see how long that can last at current interest levels though.
It makes total sense.
I didn’t say taxes pay for all of the government spending. I said it pays for the mandatory and military spending. The discretionary spending is funded via deficit, which is why we are in debt
