This puts it mildly. Paul Volcker has been (perhaps unfairly) called the Father of the Rustbelt, due to how rising interest rates broke the back of manufacturing in the American Midwest during the late 1970s and early 1980s. "Cooling" the economy means layoffs and plant closures, often concentrated in specific geographic regions. The only question is: what firms and employees get sacrificed to placate the inflation Gods this time around?