Higher Taxes, combined with increased food, fuel, and other costs can also lead to Depression. Expect the unexpected, and be ready (if possible) for everything.
Excessive government regulation, and complying with it is the greatest cause of inflation. Thus, reasonable deregulation, tax and spending Cuts, and working on a Constitutionally required Balanced Budget would eliminate both Threats Immediately.
But, since Barack isn't "responsible", in his own eyes for what's happening, I might as well be talking to the Wind.
At least I know I can expect it to blow at some point.