Anyone with a grasp of history knows where this is going. Obama will do more to remove Jimmy Carter from the "worst President ever" list and 30 year Treasuries will eventually yield more than they did in the post-Carter inflationary period. For those not keeping track, 30 year Treasuries peaked around 15% in 1981-82.
Now I'm not saying we'll get there in the next year or two, but trust me, the trend is TBT's friend.
We weren't up to our ears in debt in the late 70's. We were the worlds biggest creditor nation then, lot's of money to spend. Now, as you know, we are the worlds biggest debtor nation. Going forward, it is highly likely that the only thing we will be spending on, is our tax bill. And that isn"t inflationary, regardless of how much we print.