Human nature stays the same across time and space. That is why there used to be predictable political, economic and social behavior that all countries understood.
The supply of money governs inflation. Print it without either greater productivity or more goods and services, and the currency cheapens. Yet America apparently rejects that primordial truism.
The United States is more than $28 trillion in debt – about 130% of the country’s annual gross domestic product. The government will run up a $2.3 trillion budget deficit for 2021 after a record $3.1 trillion deficit the year before.
The Biden administration still wants to borrow more – another $2 trillion in new social programs and “infrastructure.”
In the crazy last 100 days, the price of everything from lumber, food and gas to cars and houses has soared. Yet many interest rates are still stuck at or below 3%.
Amid such talk, the danger is that racial tensions will increase, hate crimes will spike, racial demagogues will dominate, meritocracy will vanish and tribal solidarity will replace it. And the ancient idea of America will unwind.
When an arrogant present dismisses the wisdom of the past, then an all too predictable future becomes terrifying.
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