Paul Krugman: Partying Like It's 1995

Six years ago, Paul Ryan, who has since become the chairman of the House Ways and Means Committee and the G.O.P.’s leading voice on matters economic, had an Op-Ed article published in The Times. Under the headline “Thirty Years Later, a Return to Stagflation,” he warned that the efforts of the Obama administration and the Federal Reserve to fight the effects of financial crisis would bring back the woes of the 1970s, with both inflation and unemployment high.

True, not all Republicans agreed with his assessment. Many asserted that we were heading for Weimar-style hyperinflation instead.