>Taxes are practically irrelevant in the US. The gov just goes to the Fed and and increases it's balance.
Even under MMT you need some sort of taxes to take back money, otherwise the money you print turns into inflation.
Even under MMT you need some sort of taxes to take back money, otherwise the money you print turns into inflation.
You can certainly do that under MMT, but then that would be the equivalent of not having taxes at all.
And in my opinion (not verified or anything) we're seeing such strong Cantillon effects that inflation is being regulated via soaring asset prices.
So it's harder to buy a house and or a share of SPY, but everyday goods are inflating way below the increase in dollar supply atm.
Edit: Lol, except lumber.