Repo markets aren't as liquid as the Fed wants. This could be due to immense amounts of new government debt, or because US treasuries aren't as risk-free as many assume.
The moral of this economic story is that whenever someone who has an incentive to lowball the burden of a tax is speaking or writing, be careful to look at what happens to take-home income as a better guide to policy.
So long as governments exist, it is essential that we minimize the ability of groups and individuals to use the power of the state to enrich themselves.
