Yeah, the SPS fund is another part of the equation that kind of make things worse, since they are increasing the debt, and making it even harder to get it back below 10%.
About the percentage changes, i didn't thought much about it at the time, but that indeed created a continuous SBD printing, when it was supposed to be reduced.
What they missed is that increasing the SBD supply by not having it start slowing down earlier (at 5%) would only worsen the problem once the market returned to a normal condition.
And now, another layer was added to the problem with the SPS paying is SBD.
I think the witness should have sticked with the plan described on the original whitepaper...
I'm afraid it will be very hard for STEEM to recover when the SBD debt burden is increasing at this rate.