Runaway inflation has closed a window of opportunity for both socialists and populists to push their agendas, writes New York Times columnist Ross Douthat.
In this Feb. 19, 2020, photo, Democratic presidential candidates, Sen. Elizabeth Warren, D-Mass., left, and Sen. Bernie Sanders, I-Vt., talk during a Democratic presidential primary debate in Las Vegas, hosted by NBC News and MSNBC.There were many bad things about the period in American politics between Donald Trump’s escalator descent in summer 2015 and the arrival of the COVID pandemic: chaos, polarization, corruption, hysteria, the usual list.
Except that the inflation expectation was wrong, and the U.S. economy chugged along below full capacity. As this became apparent, the green-eyeshade spirit gradually dissolved, and socialism and populism took over for the Simpson-Bowles commission and former Rep. Paul Ryan’s budgets.
That end may not be permanent; we don’t know yet what the inflation rate or the economy will look like in 2024. But right now it feels as if both ambitious socialists and creative populists had a window of opportunity for unconstrained policymaking that opened in the mid-2010s, lasted through the Trump presidency and slammed closed under Joe Biden.
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