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That's what inflation is, after all. Consider two scenarios:

  1. You have $1,000 in the bank and the government takes $85 as tax, leaving you with $915.
  2. You have $1,000 in the bank and the government prints $85, making your $1,000 worth $915.

Using #2 is a little more sneaky because people don't make the direct connection, but the effect is identical.

That's what inflation is, after all. Consider two scenarios: 1. You have $1,000 in the bank and the government takes $85 as tax, leaving you with $915. 2. You have $1,000 in the bank and the government prints $85, making your $1,000 worth $915. Using #2 is a little more sneaky because people don't make the direct connection, but the effect is identical.

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It also taxes the rest of the world. Which is hard to do, otherwise. The debt is dollar-denominated, and other countries are forced to hold dollars for various reasons.