In his column. Ruy Teixeira quotes a comment by "liberal journalist David Dayen" worth pondering as we think about the political impact of unemployment versus inflation.
Changes in employment by definition affect a smaller number of people than the price of everything, which affects everyone.
Translation: a decline from 6% unemployment to 3% unemployment affects 3% of those who wish to work plus their dependents, if any. When prices go up, it is a matter of concern to everyone who is not wealthy.
