Time to Panic about the Debt
January 19th, 2010 | by BGuzzardi |
JOBS JOBS JOBS (and IRAN) are the problems which confront us. More Debt, individually or governmentally, NOT the Solution.
Even the liberal Washington Post is starting to panic about the national Debt.
The Austrian Economists have been panicking for some time. WaPo draws our attention to the Peterson-Pew Commission on Budget Reform. The Peter G. Peterson Foundation is not a Supply Side or Limited Government think tank but it focuses on financial condition of the country and, in particular, Debt and Deficits, including Entitlement Debt. The US Debt is unsustainable. This is not a global warming hoax. This is real.
Investors think there will be inflation according to Wall Street Journal. The Austrian Economists of Mises Institute are divided on whether the Debased Fiat Dollar will lead to deflation or inflation: this article makes the case for inflation. No one sees any good coming from Debt and Debased Dollar. As the Mises author points out, he was mistaken about a prediction. What is interesting is that he calls attention to his own mistake. Jeff Jacoby points out how little economists know about predicting the economy.