For over 50 years, both political parties have run up the national debt while ignoring warnings about the long-term unsustainability of federal budgets. Now, the Federal Reserve has quietly turned to inflation to lighten the nation’s debt burden through a policy of negative real interest rates.
Unfortunately, this policy path is reducing the value of Americans’ paychecks and savings accounts as devaluation is used to effectively default on obligations incurred over decades. While it is clear how decades of deficit spending, rising entitlement costs, off-the-books war spending, and massive stimulus packages got America into this situation, a new data project from
