In the 1980 presidential campaign, the Republican challenger, Ronald Reagan, said, "A recession is when your neighbor loses his job. A depression is when you lose yours. And recovery is when Jimmy Carter loses his." The Gipper turned out to be correct. The gale-force winds of rising inflation had knocked working-class people to the ground, with paychecks shrinking month after month. Reagan wound up winning a landslide victory, and Carter was bounced out of office. The middle class hates inflation. The New York Times recently surmised that the effects of inflation are mostly "psychological," and that people should appreciate that...