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I don't understand how Santa runs his operation. How can he afford to give toys away? How does he pay for the raw materials he uses to make the toys? How does he pay his elves? There's no income to cover his costs. How does he do it? Deficit spending, I guess. Sure, but sooner or later it's going to catch up to him, and then where will I be?! Calvin can't figure out how Santa runs his operation. He asks how Santa can give toys away. He asks Hobbes how Santa buys raw materials for the toys and how he pays the elves. There's no income to cover the costs. How does he do it? Hobbes suggests deficit spending. Calvin agrees, but wonders where he'll be when it all catches up to Santa.