One uniquely perturbing lie, and I’m not sure why, is that we’ve never defaulted on our debt before. I should ignore it altogether, for as the debt ceiling offers no particular danger of default it is irrelevant. However it is so damned obvious and well known that we have defaulted, and spectacularly, that it gets my goat when it isn’t acknowledged.
If at no other time the federal government on a massive scale welched on conntractual obligations when they deliberately took us off the gold standard. I don’t care if SCOTUS in the Gold Clause Cases said it was okay. Nevertheless we defaulted.
Inflation at any level is partial default.