Predictably, conservatives are once again warning about inflation. This happens every time a Democrat takes office—even if he merely continues the identical policies of his Republican predecessor. Unfortunately, these concerns, which always receive wide media attention, are costly, politically and economically. Bill Clinton was forced to adopt a deficit reduction plan in 1993 that led to the defeat of many Democrats in 1994 and the installation of Newt Gingrich as speaker of the House. Barack Obama was forced to scale back his stimulus plan in 2009 and was browbeaten into deficit reduction in 2011. And that paved the way for Donald Trump by keeping the economy running in slow gear throughout
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