We now have the greatest deficit spending in history which causes high inflation. It is like running up the credit card. You feel great until the bill comes due.
100 years ago the United States and Argentina had economies that were about the same size. Argentina went on a spending spree causing high inflation and hurting its economy. Their inflation rate is now 95% and interest rates are 75%. If we don’t change, our economy will also tumble.
Inflation robs from the poor and middle class. Over a three-year period, the average person will permanently lose about 25% of their income and savings. (The rich have assets that rise with inflation.) The youth are hurt the most as their chances for a good life become limited. Our children don’t deserve this.
The national debt went from $1.5 trillion 50 years ago to $31 trillion now. This is a 60-fold increase, or $300,000 per family. The money is spent and gone, leaving us and our children to pay the debt. If that money had been given directly to us, every family would have $300,000 more. How come no one feels richer?
Bruce N. Larsen