I think the inflation prospects for the U.S. over the next five or six, seven years, are quite serious. You cannot have a bumper crop in apples without the value or the price of each apple falling. The Fed has had the largest increase in the monetary base in the history of the U.S., from colonial times to the present, times ten.

And you can't have a prosperous economy when the government is way overspending, raising tax rates, printing too much money, over regulating and restricting free trade. It just can't be done.

People can also change the timing of when they earn and receive their income in response to government policies.

It is not true that Congress spends money like a drunken sailor. Drunken sailors spend their own money. Congress spends our money.

It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011.

The zero-income-tax-rate states have far faster growth in tax revenues than did the states with highest income tax rate over this period.

You want to prove that Milton Friedman is a fascist? It's easy. Quote him.