What the U.S. needs is 7% inflation because that will squish the debt to GDP ratio back into line over three to four years.
Now I could post a picture of a 100 trillion Zimbabwe note, or some Turkish lira or Hungarian pengo but here are a couple of pictures to show that inflation can happen in less exotic countries.
So today the U.S. has 6.2% inflation. Let’s say, at least 6.2%, because those hedonic measurements will be hacking down the headline rate as your money doesn’t seem to go anywhere near as far as it did last year and things seem to have gone up way more than the headline figure. Five years of that chops about a third off the value of money and boosts the GDP numbers, without any real growth, by about the same amount. 6% GDP growth? Wow, it’s a boom! Shame no one is better off.
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