Here’s some food for thought from VDH’s blog.
We Americans don’t seem to worry that we owe billions of dollars to the Chinese, or that our oil hunger is enriching hostile rogue regimes, or that our annual budget deficit keeps adding to our national debt.
Why fret now? For nearly a quarter-century, Americans have come to expect the good life. Unemployment should never go above 5 percent. Interest rates are expected to be always around the same low percentages, inflation even lower — and all this accompanied by steady growth in the economy and expanding government entitlements. Double-digit rates of interest, unemployment and inflation — the stagflation that characterized the Nixon and Carter administrations — are apparently ancient history.
