The debt hawks are to economics as the creationists are to biology.
Today, September 13, 2010, a debt-hawk named Vincent (I withhold his last name to spare him embarrassment) told me his prediction: Because of “excessive” deficit spending, the U.S. will have hyperinflation next year, 2011. While there is no specific definition of hyperinflation, his definition is 3% a month (which means prices would have to be 43% higher at the end of December 2011, than they will have been next January).
Debt hawks love apocalyptic statements about how America is headed for disaster. They have been predicting massive inflation since 1980, by publishing “debt clocks” and such, and their assurance that China soon will stop buying T-bonds has them in a tizzy.
I’m posting this now as a reminder, which we can revisit at the end of 2011. Vincent, if you read this post, be sure to remind me at the end of next year.
If any readers see any other sky-is-falling, debt hawk predictions, send them to me for posting and later review.
Rodger Malcolm Mitchell
No nation can tax itself into prosperity