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Spend happy politicians and the general public far too happy to accept free money born of debt caused this inflation.poor research. Trump had about 6 months of recovery from lockdown. it was literally a V shaped recovery with massive return of jobs and no inflation. Biden gets is and it all goes to hell
Though sometimes there are things far worse than inflation, such as deflation, economic stagnation, and an all out depression.
However, none of that really matters now, it's in the past, and what does matter is what we do now. I have no faith that either the Democratic or Republican Party have the guts to level with the American people about the true nature of public debt or how dire the situation is.
About how under no system can the good times just roll on and on forever through the pubic debt without any plan in place to keep the debt to a manageable level so it does not reach the point where the interest on the debt alone consumes the entire Federal income.
Even then no plan is foolproof and shit does happen we not only do not expect, but we do not really conceive or plan for.
Still I would feel a lot better if we really had some sort of plan in place to keep the debt and the amount of Federal income for servicing the debt into some reasonable realm based on solid math rather than unrealistic growth projections.
We don't know how much the Fed will have to raise interest rates to get this inflation under control, what we do know is the higher interest rates go, and the longer they stay high, the more we will have to pay to service our debt.
Money spent servicing the debt has to come from somewhere, likely programs that help people lead better lives.