Inflation is low, yet, inflation fears are growing. Especially as Democrats begin the final push of their $1.9 trillion stimulus package, commenters on the Right and Left predict generalized price increases.

The Left is generally more sanguine about this than the Right. Liberals emphasize the benefits of “running the economy hot,” while conservatives worry about ordinary people losing their purchasing power. As is usual in American politics, both the Left and Right offer a kernel of truth amid a heap of confusion. Let’s see if we can’t separate the wheat from the chaff.