Not really... budget deficit as a percentage of GDP fluctuates in a century's time between -4% and +4% or so, mostly on the bottom end of the spectrum of course

Not really... budget deficit as a percentage of GDP fluctuates in a century's time between -4% and +4% or so, mostly on the bottom end of the spectrum of course, and with dips down much further in rare economic crises or say a WW2. So for all intents and purposes, budget deficit rarely dips below 4%, meaning there's a cap on spending and just borrowing printed money is some infinite pool of money that's drawn from to compensate for lower taxes. No, there's a cap, and once it's reached, you either cut spending or raise taxes somewhere else. So the notion that someone else pays more taxes (or, receives a lower share of the benefits of all the programs that taxes funds), when you pay less, is not fundamentally misleading. It's mostly true, because issuing bonds is a commonplace phenomenon but it's limited. And if it's not limited to a reasonable extent, you'll turn into Zimbabwe.