John Cochrane is correct that our inflation is attributable to excessive government spending after the pandemic (“The Fed cannot cure inflation alone,” op-ed, June 28). He is wrong, however, in suggesting that inflation reflects a loss of faith that the United States will repay its debt.
The question is not whether the United States will repay its debt, but whether it can pay off the debt. The cost of debt interest is currently about 1.5% of U.S. gross domestic product, which is half of the post-war peak of 3% of GDP.
