To hear the growls of the economic bears, the U.S., having just turned the recession around, now stands tottering on the brink of something disastrous called "inflation." But does it? The U.S. could indeed have serious inflation if fiscal irresponsibility at Government levels piled up national debts heavier than the economy can absorb. It might also have inflation if the wage spiral got out of hand, or if capacity to produce fell so far short of demand that prices suddenly shot up by 10% or 20%. It will not have "inflation" by any sensible definition of the word so...
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