> but being fueled by massively excessive taxes in the USA
I think it's even worse, it's funded a lot more by debt than excessive taxes, taxation in the USA is not even that excessive (to its own detriment since the budget is never balanced).
It's kind of funded by the demand for dollars due to whole world needing dollars to trade with them. So that it's not the USA and Americans paying all that interest in inflation due to money printing
> since the budget is never balanced
When the Republicans rule.