One day last June, my eye fell upon the headline to a New York Times column by Paul Krugman—as sometimes happens in spite of my best efforts, for the sake of my blood pressure, to prevent it. “The Week Inflation Panic Died,” it read.

Might it, said I to myself, be just a trifle premature for Mr. Krugman to be proclaiming victory over “inflation panic” less than six months from the inauguration of President Biden and the beginning of the potentially inflationary spending program that his administration had at that time only just embarked upon? True, in the article itself the famously Nobel Prize–winning economist was a bit more circumspect, but only a bit. Did it not occur to him that these dismissive words about inflation might come back to haunt him—perhaps even...


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