[lbo-talk] Inflation: Why You're Not Getting A Raise This Year

[John Adams]

On Apr 12, 2005, at 5:02 PM, Doug Henwood wrote:

> McCullagh gives himself away at the end by quoting Ludwig von Mises, 
> who was, among other things, a wacko gold bug who thought that the 
> price level should generally be falling. What was the Fed supposed to 
> do instead of lowering rates after the stock market fell apart in 
> 2000? Let the economy fall into depression?

Why yes, of course! McCullagh is a pretty hard-core libertarian type.

What I was curious about was alternative explanations for the lack of 
real pay raises this year. The explanation given (inflation) struck me 
as, well, odd.

	John A