The Real Inflation Risk

With the annual inflation rate in the United States reaching 5% in May, economists and investors are right to be apprehensive about deficit spending, public debt, and the risk of sustained price growth – which is higher now than it has been for almost four decades. But it would be a mistake to respond to these concerns by pumping the brakes on the economy.

No, the government cannot borrow and spend as much as it likes without paying any costs, as some progressives would have us believe.