My simple take on things.   

1.  You can't have a jobless recovery.

2.  We need good jobs here in the USA, not jobs working for minimum or near minimum wage.

3.  We can't borrow our way to prosperity.  Both in the private and public sector. 

I have read and read various analysis of our economic situation.  It all goes back to what many of us who were farming learned in the late 70's and early 80's during the farm economic meltdown.  Getting people to borrow is not the answer.  Just ask someone who worked for PCA back then or who was highly leveraged because credit was available.  There must be good jobs available so people can afford, on a long term basis, to spend money and create jobs for others.  This means thay can't be taxed to death either. 

We can debate inflation, deflation, hyperinflation or any other economic scenario but that is not going to change our situation.  Responsible government spending and good jobs in the USA are what it will take to get back on track.  Anything other than this will result in an economic collapse, in which case we all lose.  To think otherwise is a refusal to be honest with ourselves.