Fear the Inflation-Induced Paranoia Spiral

Source: Commentary
by Noah Rothman

“Whether it is a short-lived phenomenon or not, inflation is upon us. Even bastions of leftwing happy talk — from the San Francisco Bay Area to Joe Biden’s White House — have stopped pretending as though it is not. Prices for consumer goods, basic staples, and inelastic necessities are on the rise. And with Democrats in Congress irrationally committed to injecting trillions of new dollars into the economy, which will be dedicated to chasing fewer and fewer goods, the trend may only accelerate. … We would do well to be prudently fearful of inflation’s macroeconomic and mental impacts in the best of times. But today, when the nation’s political culture is already awash in paranoia, anything less than categorical alarm feels insufficient. You’ve probably already encountered the rapidly proliferating conspiracy theories seizing right-wing imaginations across the country.” (07/14/21)