Arthur Brooks: People in Their 20s, 30s, and 40s Have Never Experienced Inflation

ARTHUR BROOKS: "The truth is that most people who are in their 20s and 30s and 40s have never really experienced any sort of inflation, so there’s no cultural bias necessarily against it. On the contrary, anybody who is paying attention knows when you have a deflationary threat it’s even worse for the economy because it’s horrible for the labor markets. If you have anything approaching deflation you get more layoffs and that’s the kind of environment we tended to be in. The truth is that the fundamentals suggest based on everything we’ve learned over the past 75 years that sooner or later we’re going to pay the piper. But you don’t know how much run room is left."