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Unfortunately, these concerns, which always receive wide media attention, are costly both 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. That kept the economy running in slow gear throughout Obama s presidency paving the way for Donald Trump. We have paid a heavy price for believing the conservatives who cried wolf about inflation year after year without any evidence supporting their predictions.

United statesWhite houseDistrict of columbiaRonald mckinnonJohn taylorPaul brounMichael boskinDavid cay johnston dcreportGeorgew bushBen bernankeSenate majority leader mitch mcconnellFederal reserveSenate majority leader mitchRaw storyDecade agoWall street