Listen now | with Claudia Sahm, Noah Smith, & Brad DeLong: n the last resort, the the way the government budget constraint balances itself is through... levying this inflation tax... a lousy tax.... Larry and Olivier think we are heading down the road toward a world in which, because Republicans will not allow taxes to be raised, this lousy inflation tax will be levied unless Democrats gird their loins and prepare for an eventuality in which they sober-eyed recognize the costs to real people of letting the government budget constraint balance itself via the inflation tax…