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Inflation outstripped real wages for people who work for pay from others.
I've made a commitment that state spending in Vermont won't grow any more than the rate of inflation plus population growth.
Although most Americans apparently loathe inflation, Yale economists have argued that a little inflation may be necessary to grease the wheels of the labor market and enable efficiency-enhancing changes in relative pay to occur without requiring nominal wage cuts by workers.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
Uncertainty about sales impedes business planning and could harm capital formation just as much as uncertainty about inflation can create uncertainty about relative prices and harm business planning.
What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.
Venezuelans are tired of 14 years of promises and no results. The only things growing are inflation, murder and crime. The good indicators - production, education and jobs - are all falling.
Henrique Capriles Radonski
It's not about the pace, it's about the direction we've set. The pace is of course a function of many factors, including the magnitude of the supply shock. But what's probably more important is the probability of the supply shock translating into sustainable embedded inflation.
With the sugar market hysteria, the people are obviously worried and expect higher inflation. When this hysteria subsides, which we're probably observing, then I hope that people will also get less worried about the future of inflation.
Currently a level of unemployment of 7 percent or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.
And I am convinced that a single focus on preserving the purchasing power of the dollar, in effect, guarding against inflation or deflation, actually creates a solid foundation for the greatest job growth and the strongest economy that America can have.
Similar questions were posed to Allende as to me. Allende was told that he blamed everything on a conspiracy, on the economic crisis, that he blamed the high inflation that sabotaged him on the United States, and that he was frequently accusing the little lambs of Nixon and Kissinger of a coup. But everything became known later.
We will not play with inflation. We are living a delicate moment. President Obama spoke to me today about the high unemployment affecting the United States. In this crisis period, when the developed nations are not recovering, it's prudent to maintain the established inflation target.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
Inflation is lower and more stable and the real business cycle fluctuations are more modest.
It has now been over 7 years since Congress last raised the minimum wage to its current level of $5.15 per hour. Since that last increase, Congress's failure to adjust the wage for inflation has reduced the purchasing power of the minimum wage to record low levels.
You can't continue to have higher education tuition grow at a multiple of the rate of inflation.
The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... the European Central Bank has only the first. It has no commitment to keep employment up.
We asked the workers to give up 25 percent of their salaries. Imagine! We asked the industrialists to freeze all costs, no matter what the inflation is.
The difficulty for Mr. Obama will be when the public sees where his decisions lead - higher inflation, higher interest rates, higher taxes, sluggish growth, and a jobless recovery.
The reason inflation was brought down to manageable levels, by the time of Ronald Reagan's re-election, was directly attributable to Jimmy Carter's very courageous act, hiring a Federal Reserve chair, with the charge to induce a recession. That recession was probably the reason he didn't win a second term.
If we have wealth, it will be protected from inflation and possibly even enhanced in value.
Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.
Entitlements seem to grow with prosperity; not only because they are indexed to inflation or GDP, but also because a prosperous country tells itself it can afford more benefits.
The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.
Leonardo da Vinci
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