June 13, 2008 at 09:30 AM EDT
Re: Roach-Stagflation
(an email exchange) A few of things: First, the rising wages in the 70’s led to bracket creep that put the budget in surplus in 1979 and resulted in a severe recession soon after. This time around it is unlikely the inflation takes much of a dent out of the deficit so it’s more likely demand will be [...]
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