What runaway inflation? This is the US we're talking about, not Argentina.

More to the point, what's the actual evidence that the debt is a problem, and more of a disadvantage than the advantages of funding the various programmes and tax breaks that have arisen as a result?

> What runaway inflation? This is the US we're talking about, not Argentina.

We were starting into it. Inflation was increasing, and hit 21%/year. It might have continued increasing, except for Volker. It cost a double-dip recession to reign it in.

When you say 21%, are you talking about the increase in inflation rate (so a derivative), or the actual inflation rate? Because the actual inflation rate was 1.64% as of last year Oct-Oct: https://www.wolframalpha.com/input/?i=US+yearly+inflation+ra...

I was talking about 1979-1981.

> hit 21%/year

Eyeballing this chart http://www.tradingeconomics.com/united-states/inflation-cpi that 21% appears to have been at the end of WW2?

Ah. OK, inflation of 15%. My error. I remember interest rates hitting 21%, though.

I'd love to read some historical data that correlates this, I'll raise you Frederick Lewis Allen, check out any of his books really. They'll open your eyes.