Spending is literally what governments are for.
Governments may not tax back sufficient of their expenditure to prevent inflation, but the level of inflation is a democratic choice. It cannot be ‘over’spending for exactly that reason.
I thought the explanation (below -just over two minutes) of how the BBC has, helped, over the last decade, to reframe the logic of this argument, a compelling narrative.
How sad I feel to have been initially so very naive as to have swallowed it …