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Opinion
Ramesh Ponnuru

A Debate About Inflation Will Matter in 2022. But Which One?

Just because the doomsayers were right about the harm caused by rising costs in 2021 doesn't mean they’ll still look smart a year from now.

Bad karma.

Bad karma.

Photographer: David Paul Morris/Bloomberg

Prices have been increasing at the fastest rate in decades, but we haven’t been having a debate about inflation. We’ve been having five. We might do a better job of thinking through the issues if we distinguish among them.

The first debate concerns the magnitude of the current inflation: how long it will last and how high it will get.