Stealth

Inflation caused by currency depreciation is both a stealth tax and a wealth killer, and worse than that, it's a flat tax. When the Federal Reserve generates inflation through expansion of the monetary supply, the purchasing power of all dollars in circulation declines evenly. A bus driver who makes thirty thousand annually may lose 5% of his purchasing power to inflation over the course of a year, and so will a corporate lawyer who makes 300,000 dollars a year. Two people in very different income brackets, paying the exact same currency depreciation penalty .

For this reason alone, progressives ( who are allegedly defenders of the working class ) should hate the fact that the government and the central bank work in tandem to pay government bills with money born from debt.

Government hides from the unpopular task of taxing the wealthy harder to pay for its current operating costs ( because the wealthy are their donors ), and instead, shifts more and more of its bills off onto future generations, through its reliance on credit.