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Edwin's avatar

Yet a balanced budget bill, that literally "balanced the budget" remains as far in the future as one can imagine. Time to replace the government is the only conclusion one can come to.

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UM Ross's avatar

"but for government we would have no inflation."

Over the long term, I believe that is correct. What we would have is some oscillation between inflation and deflation due to private credit expansion and contraction, with the long term trend actually being mildly disinflationary because technology improves productivity and makes things less expensive in real terms.

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