(Bickering for Better)
Lawmakers’ disagreements over government spending—from the bipartisan infrastructure bill to President Joe Biden’s “Build Back Better” agenda—have at times seemed insurmountable. Concerns about inflation have played a central role in many of those disputes.
Experienced forecasters recognize this as a battle of predictions. Proponents of more government spending predict legislation will help address inequality and strengthen the economy, both now and in the long run. Opponents predict that additional social spending risks unleashing inflation and exacerbating poverty.
Strong views have led to heated debates but, alas, little agreement. Concepts remain nebulous, hedge words like “might” and “could” are...