Inflation is not the Escape Hatch that Some think it is

Some of the more cynical economic analysts say that America’s $12 trillion national debt is no big deal because – if the debt gets big enough – we can just inflate the currency, and while that would be bad for most Americans – especially those living on fixed incomes – it wouldn’t be as bad as paying off our staggering national debt.  There’s just one big problem with that theory: It just wouldn’t work.  As Jeanne Sahadi points out in this article, inflating the currency would just drive up the cost of the government’s entitlement program, and those higher costs would – in turn – merely drive the national debt to even higher levels.  The bottom line: There’s no short-cuts – and no easy way out – of our growing debt problem.  In the future, the federal government will simply need to do more with less. 

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