With our national debt blowing past 23 trillion dollars nothing is as sobering as looking at future budgets. Several years ago our government predicted that by 2019 the national debt would top 12 trillion dollars, not the current 23 trillion. Global debt has surged since 2008, to levels that should frighten any sane investor because debt has always had consequences.
In 1981 Federal Reserve Chairman Paul Volcker is widely credited with ending the stagflation crisis where inflation peaked at 13.5%. Volcker did this by raising the fed fund rate which averaged 11.2% in 1979 to 20% in June of 1981. More about this subject in the article below.