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I'm a political scientist and I study these things, and I know that economic problems, with the rising unemployment and inflation and low productivity and so forth, were a factor in that election, in that defeat of President Carter.
There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.
This persistence as private firms continued because it ensured the maximum of anonymity and secrecy to persons of tremendous public power who dreaded public knowledge of their activities as an evil almost as great as inflation.
I continue to believe that the American people have a love-hate relationship with inflation. They hate inflation but love everything that causes it.
William E. Simon
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.
I think the inflation prospects for the U.S. over the next five or six, seven years, are quite serious. You cannot have a bumper crop in apples without the value or the price of each apple falling. The Fed has had the largest increase in the monetary base in the history of the U.S., from colonial times to the present, times ten.
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.
One day we will have more inflation, and our bonds will bleed like a pig. The only reason for buying long bonds is short-term or as a desperate haven for terrorized investors. But the potential to make longer-term real money is naught.
Recent research suggests that New Deal programs may actually have had their primary impact on the economy by influencing consumer and business expectations of future growth and inflation.
In the 40 years I've been working as an economist and investor, I have never seen such a disconnect between the asset market and the economic reality... Asset markets are in the sky, and the economy of the ordinary people is in the dumps, where their real incomes adjusted for inflation are going down and asset markets are going up.
The reason I am so negative about the Federal Reserve's policies is that they only target core inflation and argue that they can't identify bubbles, but when each bubble bursts, they flood the system with liquidity that brings about unintended consequences.
Production is the only answer to inflation.
I would say to my colleague that the misery index, inflation and unemployment, when added together is the lowest it has been in the last series of Presidents, even going back to Jimmy Carter. So I think the Bush administration is doing a good job.
Congress has not raised the minimum wage since 1997. The minimum wage is now at its lowest level in 50 years adjusted for inflation.
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.
It was the biggest inflation and the most sustained inflation that the United States had ever had.
Paul A. Volcker
Inflation outstripped real wages for people who work for pay from others.
The reality is that zero defects in products plus zero pollution plus zero risk on the job is equivalent to maximum growth of government plus zero economic growth plus runaway inflation.
Dixie Lee Ray
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.
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.
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.
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.
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.
Martin Luther King, Jr.
John F. Kennedy
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