Tax bills are only the beginning. Borrowing and inflation also finance federal spending — in ways that are easier to ignore but harder to escape.

Government is expensive, and America is running up the bill to the tune of $40 trillion. Every April, Americans are reminded of this basic truth. On April 15, the IRS forces citizens to confront what the government takes directly from their income. But taxation is only one way Washington finances itself. It also borrows on a massive scale and operates within an inflationary monetary environment that quietly erodes the purchasing power of the dollar. To understand America’s public finances and the broader health, or malaise, of the republic, one must look at taxes, borrowing, and inflation.

Taxes [...]Taxes [...]

Borrowing [...]Borrowing [...]

Inflation [...]Inflation [...]

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