A tonne of copper can't be consumed until it is produced. But the government can spend money that it doesn't have. So government spending can't be part of what was produced by a country unless it has been covered by taxation--then at least the wealth was produced prior to consumption. If the spending is empowered by debt creation, then no production was involved.
It's like measuring the wealth of a family by counting the money they spend, with no regard as to whether they are piling up credit card debt.
The New Testament Documents
15 years ago