This Krugman article expresses my opinion very well, especially when it comes to the current fear-mongering over inflation. But instead of addressing the root cause, stagnant wages, he seems to imply that government spending can "rescue" us from flat income. Unless "liberals" plan on making these expenditures permanent, something MUST be done about stagnant wages.
Conservatives push credit in order to make up for stagnant wages and "liberals" push government spending--spending derived from tax money that is taken from, you guessed it...wages.
This is about wages. Period. Either prices have to come down or wages have to go up. Bottom line.