Some interesting figures on worldwide debt which is growing faster than worldwide
GDP
https://www.aa.com.tr/en/economy/world-debt-soars-50-in-a-decade-exceeding-gdp-growth/3501922#
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“The most impactful developments in the span of the past decade were the measures introduced to ease the severe economic effects of the COVID-19 pandemic.”
DB2
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We could raise taxes.
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Seriously? This is worth a headline treatment?
Global debt rose 49.2%, while GDP rose 46%. I could make the argument that it is debt that is fueling the rise in GDP. And that without debt, nothing happens, because it’s hard to have capital formation except for people who already have it, and who hoard it.
(PS: lotsa debt around that Covid thing. Hopefully that’s a one-off.)
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It doesn’t always work. Have a look at The Laffer Curve
In the UK we are at ‘peak tax’.
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I think this is the case as government deficit spending gets added to GDP.
We have plenty of debt now but it hasn’t stopped people hording wealth:
…it’s just one big bubble ready to pop 
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You do realize you did not say anything.
I believe the correct spelling is The Laugher Curve.
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Yep - the LC has been widely discredited as a simplistic and unsubstantiated model.
Pete
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The Laffer Curve is demonstrably true; the problem is that we don’t know the shape of it.
If tax rates are set at zero then tax revenues will be zero. If the tax rate is set at 100% then tax revenues will also be zero as nobody would want to report any income. At what rate does government revenue peak? Is it a relatively flat plateau? Those are the questions that need answering.
DB2
We saw a great example of The Laffer Curve in action in the UK a few years ago:
An unforeseen consequence of a ‘taper’ in the NHS pensions scheme has led to doctors receiving large and unpredictable tax bills for agreeing to work extra weekend shifts on waiting list initiatives. Today’s survey findings show surgeons are reducing their hours as a direct result, while others are retiring early.
