Source: The American Conservative
by Jude Russo
“It turns out that Americans loathe inflation, which is pretty amusing for someone who spends a lot of time writing about parts of the world where a 20 percent inflation rate barely warrants comment. They delivered unified government to the Republicans in 2024 on inflation, and they seem primed to throw them out of Congress this year on the same grounds. (Although the residual classical monetarist in me would like to distinguish between supply shocks and inflation simpliciter.) At the same time, the Trump administration has an ambitious if not always coherent program that needs to be paid for and that only minimally involves the legislature’s oversight. … Something’s gotta give here. Either the American people will have to make their political peace with running the economy hot and the consequent inflation, or real austerity will come and wash all this spending off the streets. A debt crisis could force the issue.” (10/07/26)
https://www.theamericanconservative.com/the-coming-age-of-austerity/