News out today is that federal government borrowing for the month of October may yet top $600 billion (officially it’s at $517 billion, but that was several days ago), and this year’s deficit will come in around $1.7 trillion. Good thing Joe Biden has been so successful in cutting the deficit! (/sarc)

But then there was the robust economic growth report last week, showing the economy growing at a nearly 5 percent rate last quarter. Except a closer look shows that a lot of this growth appears to be an old fashioned Keynesian sugar high, as much of the aggregate spending coming from government, and much of the hiring of new jobs done by government. This will likely keep inflation and interest rates up longer, with the inevitable sequel.