Commentary With inflation raging at its highest level in over 30 years, President Biden re-appointed Donald Trump’s Federal Reserve chairman, Jerome Powell, this week, patting Powell on the back for resisting Trump’s supposed attempts at interference in monetary policy. But if Powell has to do anything akin to what the Fed had to do to clean up Jimmy Carter’s inflation, history suggests that Democrats won’t be shy in slamming him, no matter who it was who appointed him to steer the nation’s central bank. It is four decades since the last time inflation was a serious political issue in America, and the infamous “misery index” of adding together the inflation and unemployment rates, which Jimmy Carter used to great effect in his 1976 campaign, bit Carter back hard when he ran for re-election in 1980. Ronald Reagan’s tax cuts, paired with Federal Reserve Chairman Paul Volcker’s tight money, eliminated the …