The 12-month inflation rate through October reached 6.2%, its highest level since the George H.W. Bush administration in the early 1990s. Bush was the president whose failure to recognize the political impact of rising prices and sluggish wages inspired one Democratic strategist’s retort, “It’s the economy, stupid.” Even though Bush led the nation through a triumphant invasion of Panama and the lightning ouster of Iraqi forces from Kuwait, economic underperformance undercut his 1992 reelection bid. Future presidents never forgot the importance of keeping the economy humming regardless of whate…

Read More