>The bills are increasing exponentially faster than 5% a month?

In absolute units of currency? Yes. When you print money like that every unit of currency is worth correspondingly less. It's exponential, which is how you get 480% inflation this year and a projected 1640% next year in Venezuela without a constant dollar increase in spending.

The only way out is a drastic reduction in services.

That projected amount is assuming they don't restrict how much they print, right?

I don't see how all of the following could be true at the same time: 1. The inflation is caused by the printing of more money. 2. Printing enough money to inflate the supply less than 5% per month. 3. Costs increasing more than 5% per month.

The problem is the government isn't putting that money to productive use in an economic sense, and is taking a larger and larger slice of the people's economic output because that output is shrinking.

If the government and the economy were both functioning properly there would be no reason to print money - the treasury would be receiving enough money through taxation. Governments don't go into wholesale printing unless that's not happening.

Though to be fair it seems every FR system does at least print around the edges, eventually.