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Political Elites Aren’t Worried About Inflation

With the passage of a $2 trillion stimulus bill, deficit-phobia appears to be waning in Washington. But it’s not because lawmakers have been won over to redistributive policies — it’s because they think the working class is too weak to set off inflation.

Say what you will about him, but Barack Obama was consistent. On the campaign trail in 2008, he was already firing up crowds with the promise that “we will all need to tighten our belts.” Upon taking office, he reminded everyone, “Americans are making hard choices in their budgets, and we’ve got to tighten our […]

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