While some recent government spending was costs tied to Covid (the virus itself), the majority was tied to bad policy, lockdowns, propping up their broken economy (due to lockdowns), paying for vaccines, and funding military conflicts.
This is all taken out of the countries GDP - possible financial growth. It’s not paid for and it’s debt that that will last decades and inflation that hides who is paying for everything. Taxes aren’t funding this. They were already spent and allocated in budgets.
A decrease in your wealth is funding these bad decisions, mismanagement, and the consequences they had. The same story is happening (largely) globally.