The yield on U.S. treasury bonds is really really low. Look for example, at the following chart of the 10-year U.S. treasury bond over the last 50 years.
How much does the U.S. expansion of debt over the last 10 years have to do with the fact that it's getting funds at insanely good rates?
If you put the amount of debt into perspective on the rates the government is paying for that debt, is this really as much of an expansion as it might seem?
When inflation goes nuts, will we all praise Bush and Obama for investing on the cheap?
I'm hardly an economics guru, so please correct the flaws in my logic.