"Memo to Fed: Let the Economy Overheat"

Opinion piece in the Wall Street Journal says that an overheating economy right now would be welcome:

• It would help nudge inflation back to more normal levels,
• restore some of the long-term growth potential lost since the financial crisis,
• and boost ordinary workers' wages more effectively than remedies such as big increase in the minimum wage, which can reduce employment for the low-skilled.

The article is gated: Memo to Fed: Let the Economy Overheat

Interestingly, it says (bolding mine):

Ordinarily, with unemployment now approaching levels associated with an economy at full strength, the case for raising rates would be open and shut: the Fed would not want unemployment to drop so far that the economy overheats and inflation takes off.