That would actually lower economic activity overall which would cause even more pain than people are in right now. Also with the worsened economic conditions th

That would actually lower economic activity overall which would cause even more pain than people are in right now. Also with the worsened economic conditions the overall tax income even at the higher rates would fall leading for either the need for more stimulus/dollar creation or even worse pain. It's not going to be quick or easy even getting back to a balanced state, much less actually getting to the point where the money supply can shrink.