Yet there’s more going on here than mere self-indulgent FDR LARPing. Biden is a product of a post-2008 Washington that increasingly feels no constraints on its ability to spend. With interest rates and inflation having remained low for over a decade, there haven’t been any serious consequences for eye-watering deficits and national debt. In retrospect, this has proven one of the most consequential political developments of the 21st century. It’s effectively dried up both the right’s fiscally conservative streak and the left’s erstwhile desire for “good government.” It’s thrashed the Tea Party, cemented a humongous federal bureaucracy, and led to the largest national debt since World War II. Yet all of a sudden this artery-clogging free lunch may be coming to an end. The latest report from the Consumer Price Index saw prices soar by 4.2 percent, the sharpest spike since 2008 and a harbinger of inflation. With Americans poised to unleash a wave of pent-up money this summer, the old problem of too many dollars chasing too few goods could become a serious one. Even left-wing economists agree that inflation acts as a curb on federal borrowing. That means if it continues, it could force Biden to do the absolute last thing he wants to do: cut back. The man who thinks he’s FDR could be dropped into the loafers of Calvin Coolidge.