If inflation hadn't been spiraling out of control since Nixon, arguments about the evil of deflation would make more sense. But the venerable economists that today's apologists invoke calculated with prices that hadn't changed much in their experience.
People like me who are concerned with an honest wage for an honest day's work would rather see price levels return to where needs can be met, reasonable desires can be satisfied and some money can be put aside for the twilight years.
Or wages can rise to where these goals can be achieved. Otherwise, damn your warnings about deflation.
Nov 26 2008 - 12:03am