For conservatives, current high rates of inflation should not be too upsetting — and not because they might help Republican candidates in the next election. Rather, there are intrinsic reasons that higher inflation, at least for a while, might not be as bad as it looks.
I myself am not happy about an inflation rate of 4% to 5%, which seems embedded in the economy right now. Yet on reflection I am less concerned than I was initially.
One advantage of a higher inflation rate is that it reduces the outstanding value of government debt. That debt was fixed in nominal terms, and higher prices mean it will be easier to pay off. Since debt and deficits have been a continuing economic problem for the U.S., that counts as a partial benefit.
