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How We Think About the Deficit Is Mostly Wrong
"Government spending adds new money to the economy, and taxes take some of that money out again. It’s a constant churning of pluses and minuses, and their minuses become our pluses."
https://www.nytimes.com/2017/10/05/opinion/deficit-tax-cuts-trump.html
"Suppose the government spends $100 into the economy but collects just $90 in taxes, leaving behind an extra $10 for someone to hold. That extra $10 gets recorded as a surplus on someone else’s books. That means that the government’s -$10 is always matched by +$10 in some other part of the economy."