I'm picking on this guy just because. He is only one of several economists/prognosticators that predicted the crash of 2008/09. They seem to be uniformly predicting that the result of the massive spending spree is going to be inflation.
Reuters on Kevin Phillips
Hellloooooo!!!!! Have you been to the grocery store lately? Like this month? Been by a gas station recently? Now why would gas go up 50 cents or basically 30% when the inventory of crude and of refined gas is higher than it has been in a decade? Your dollar at work, saving (bankers) jobs and solving a debt problem by increasing the debt by a factor of three. Solving the housing crisis by making sure you can no longer afford the payments on your house, regardless of its value or the low fixed rate on your mortgage. Hey, what crisis? There are plenty of houses.
Ummm, calling for something that is already happening isn't a prediction, it's a reality check. Duh!