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It sure doesn't seem to be working because it's still costing more and more all the time. So they're printing it faster than they're taking it away. But that's not surprising since the government doesn't tax itself.
Precisely.
The government can either fix this by raising taxes or by reducing the rate at which it allows the banking industry to print money, and neither option is politically viable for obvious reasons.
This comment leads me to believe that you have some fundamental misapprehension as to how money and/or governments work.
Governments create money so they can pay people to do things. If a government tried to tax its own payments then it'd just be paying itself with dollars that never had a chance to circulate through the economy. Even in concept, this is a waste of time and energy. The only real effect would be artificially inflated numbers for government expenses and tax receipts, the total amount of economic activity enabled by those dollars and the total amount of currency removed from circulation would be zero.
The purpose of taxation is to take excess currency out of the economy, and you just can't do that by moving money from one government office to another.
What in the world are you talking about? The government doesn't exist to profit, it's not a corporation despite shitty people's ideas that it should be run like one. Why would its revenue, which is all spent, be taxed? Are you saying taxes should be taxed? Where would the tax on government revenue even go?