From "The Truths We Dare Not Speak" by Victor David Hanson, Phd.
Everyone knows the government cannot keep running up astronomical annual deficits. It is piling up a near $30 trillion national debt, printing trillions of dollars—and hoping to keep inflation down to 7 percent per year. Everyone knows that, and no one wishes to talk, much less do anything, about it.Prof. Antony Davies: 10 Myths About Government Debt
Instead, we simply will go on redistributing money, inflating the economy, and hoping that the middle classes are naïve enough to believe that their inflated paychecks outpace their greater inflationary costs that, in truth, have more than wiped out all their wage gains.
When the interest rate hikes invariably come—the longer we wait, the worse will be the reckoning—we will again know the stagflation of the 1970s and 1980s.
The only calculus the Democrats weigh is whether they can print their way to a semblance of normality through 2022, in hopes the helium-over-inflated economy blows up only after the elections.
Who knows, maybe then they can blame Joe Biden in 2023 for empowering them to wreck the economy and losing the Congress, as a way of arguing his clear cognitive decline suddenly warrants resignation.
The following video is an excellent primer on government debt, spending and taxation, produced in 2017. Other than the debt is higher today, the video is factual.