Inflation, Socialism, and Moral Indifference
By Bryan Caplan
Back in 2008, I told my lunch buddies that the bailouts were worse than four years of 10% inflation. Now I think that’s an understatement. Crazy new policy initiatives will probably end after the next election, but the idea trap‘s been awfully ugly this time around.
Challenge inspired by Sumner’s latest post: Put all the American policy disasters of the last three years on one side of your mental scales. Put the 2008-2012 U.S. inflation rate on the other. What rate would it take to make you morally indifferent?
P.S. If you’re worried about the indirect effects of inflation, remember that bailouts, fiscal stimulus, Obamacare, and the rest have indirect effects, too. Big ones.