After you do this to income...
...and this to demand...
...and allow this to happen to debt...
...for thirty years, and then the economy falls apart, you don't then turn around and say, Well, they had a grand party and now they must pay.
Were you having a grand party? I wasn't. I was working... and complaining about the price of gasoline.
Which Came First?
On the first graph, a change occurs around 1978. After 1978, income starts to concentrate.
On the second graph, a change occurs around 1981, After 1981, the trade imbalance grows significantly.
On the third graph, you can see debt starting to accumulate as far back as 1960.
On the fourth graph, inflation was tapering off until the mid '60s.
Debt accumulation came first. Inflation was the first result.