This is the future liberals wanted. For years‚ economic thinkers on the left pushed for more government spending and urged the Federal Reserve to be less paranoid about inflation‚ with the goal of driving down unemployment as low as possible. Their logic: Workers would have more leverage to demand higher wages‚ as employers competed for employees. With higher incomes‚ people would be able to spend more‚ which would fuel the economy by creating demand for goods and services. It could also...