this post was submitted on 14 Jan 2025
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Government spending doesn't work like your bank account. Instead of just letting banks invent money through fractional reserve banking the government can pay for these kinds of essential services with new money. Taxation isn't like having a bake sale so you can afford to buy things, it's one way for money to be drawn out of the economy so that inflation is controlled.
Yes some taxes raise money proportional to some other spending and are ear-marked for that, but notice how no new taxes had to be introduced to give tens of billions to Ukraine and Israel?
The government can pay for public services.
Hell, we just need to take a small fraction of what the military gets yearly to pay for everyone's student loans, right now.