Why does inflation worry the right so much?
Thirty years ago, Albert O Hirschman published a short book that infuriated conservatives called The Rhetoric of Reaction. The book showed how conservative arguments across time and space fell into three rhetorical buckets: perversity – raising taxes means less revenue; futility – voting changes nothing; and jeopardy – if you give the vote to poor people, you get revolution (the opposite of futility, but who cares about consistency).
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