Chicago

Three Christmas Presents from the U.S. Economy

My worry is if, in fact, the extra $$ in people's pocket translates into spending in 2009 - we could be off to the races with inflation, even in a down economy. Wages rising (your chart shows); expansive monetary policy; fiscal stimulus - if they all work (and I hope they do!), we are in for a nice bout of inflation (and likely stagflation, too).