Cooling down an overheated U.S. economy doesn't have to be painful

(Editor's note: This article was published first at Illinois Policy Institute). U.S. employment rose by 390,000 in May. Job growth is slowing. Price and wage inflation are also showing signs of slowing, according to the same government data. For policymakers this is good news. The objective of the Federal Reserve’s tough talk on inflation and interest rate hikes is to cool…