The inevitable has began and the tax plague will be permanent long after #Covid19 vaccine. t.co/BpwtYl5nh8
— Sebastián (@SebastinPatron3) May 11, 2020
Get Used to It: COVID-19 Taxes Are Coming, Will Remain Indefinitely
Governments do not produce and they do not create. At best they facilitate various services—and oftentimes very poorly when compared to the private sector. However, what governments do fantastically is collect and spend the resources that the private sector creates.
This, of course, is accomplished through the incredible number of taxes implemented throughout our history, whether it be sales taxes, income taxes, property taxes, inheritance taxes, etc. The list goes on, and still, governments around the Western world have found ways of squandering this money, sending their nations deeper and deeper into debt.
Collectively, governments around the world now stand at approximately $77,598,169,364,443 USD in debt, with that number growing drastically higher with each passing second.
The majority of this debt was accumulated during the “good times” when many Western economies were experiencing record high GDP levels, record high stock market prices, and record high employment rates.
Unfortunately, for at least the short term, the good times are now over due to the COVID-19 crisis, and governments around the world have decided to go exponentially deeper into debt, enacting relief plan after relief plan in a desperate attempt to keep afloat an economy that they forced to shut down.