Let's get to the real terror. Instead of “When China doesn’t play by the rules it costs Pennsylvania jobs,” what the politicians are really concerned about is what happens if deflation sets in - they get deprived of tax income. It also threatens the ability of the US to fund government through interest swaps of debt.

The Fed has been arbitrarily spurring inflation for years now. I'm all in favor of it coming back to reality. Deflation (in small amounts) means real wage growth.