Quick clarification: I'm not really wondering why Republicans care more about inflation than unemployment; that's presumably a constellation-of-interests question, and there's nothing at all wrong or exceptional with having one party more concerned about jobs and the other more concerned about stable money. No, what's remarkable is that Republicans such as Pawlenty believe that it's good politics to brag about their tilt away from employment and to inflation-fighting right now.
Wednesday, June 8, 2011
Tim Pawlenty signaled yesterday that Republicans are going to campaign on, among other things, ending the "dual mandate" for the Fed. I was working on a post trying to explain how a party could wind up running on a policy that can't possibly be an electoral winner in a time of high unemployment and low inflation -- epistemic closure? emulating George W. Bush, who wound up supporting huge tax cuts in large part to counter Steve Forbes in the 2000 primaries? -- but instead, I'll just make a note of it for now, and urge everyone, especially anyone who doesn't know what a dual mandate is, to read the fine recent essay by Matt Yglesias about liberals and the Fed.