If you want to start arguing about a more abstract worth of that $1 then you should do it for everything, and then you are certainly doomed.
Is a gazillion dollars spent on an NFT "productive" in the way that spending money on building a house is productive? What multiple should you be using. Is a dollar spent on medical treatment for somebody on medicaid worth less than a dollar somebody spends on some fireworks to blow up on the 4th? These calculations become impossible.
"I dunno, I bet government spending is only worth half of what they pay so I'll just pick 50%" is not a reasonable approach here.
Is a gazillion dollars spent on an NFT "productive" in the way that spending money on building a house is productive? What multiple should you be using. Is a dollar spent on medical treatment for somebody on medicaid worth less than a dollar somebody spends on some fireworks to blow up on the 4th? These calculations become impossible.
"I dunno, I bet government spending is only worth half of what they pay so I'll just pick 50%" is not a reasonable approach here.