@RichardJMurphy I do have a question though, about ‘Government spending always comes before tax revenues can flow in’ - you seem to be talking about Modern Monetary Theory - are you concerned that Truss’s mini budget, and the subsequent crisis, has eroded the logic of this argument? There’s a renewed focus on balancing budgets, which ‘spend then tax’ doesn’t seem compatible with.

@doctorsinunite Not at all. That wasn’t MMT. That was just total incompetence. The two cannot be confused. Nor is flooding wealth upward MMT and that is what Truss planned.