U.S. inflation rate rises to 13-year high of 5.4%
So I recently had a realization that the money the US government spends has absolutely no relation to the money the government receives they can spend whatever they want in any quantity they want.<p>The only barrier is inflation; however that instead means that taxes at the federal level have nothing to do with income or revenue but only inflation control. So the IRS should be the Internal Inflation Control Service.<p>I am still working on the full implications of that understanding but it has definitely changed the way I look at things.<p>EDIT: Updated to make clear I am discussing the US government, not governments in general.<p>EDIT EDIT: To make clear I think this is a bad thing, it is a lever that the more powerful in society have the ability to pull, in order to move wealth from the lower class to themselves as inflation is generally only positive for the asset owning class.