Rick Perlstein’s recent Rolling Stone column performs what is now a routine left-liberal critique of Obama: by failing to articulate an ideology and differentiate himself from Republicans, the President has allowed Republicans to redefine mainstream political debate ever farther to the right. This argument has certain charms, but I couldn’t help but notice the way Perlstein himself inadvertently enacts the same error he ascribes to Obama, and “ratifies his opponent’s reality, by folding it into his original negotiating position.” In the course of refuting various Reagan-era calumnies against Jimmy Carter, Perlstein informs us that:

What’s more, to arrest the economy’s slide, Jimmy Carter did something rather heroic and self-sacrificing, well summarized here: He appointed Paul Volcker as Federal Reserve chairman with a mandate to squeeze the money supply, which induced the recession that helped defeat Carter — as Carter knew it might — but which also slayed the inflation dragon and, by 1983–84, long after Carter had lost to Reagan, saved the economy.

This has settled in as the preferred narrative of the “Volcker shock” across the mainstream political spectrum, with Carter and Volcker as the self-sacrificing heroes who forced unpleasant but life-saving medicine down the throat of an unruly nation. We are to imagine them wistfully reading Brecht’s “To Posterity” as they sacrifice their political reputations on the altar of contractionary monetary policy; do not judge them too harshly.