Soaring inflation? Not with 9% unemployment

If you want to see whether we're in for crushing, '70s-style inflation, take this simple test.

You walk into your boss's office and explain to him that the price of food and fuel are soaring, and that you'd like a raise. He:

A: Nods sympathetically and promises you'll see more cash in your paycheck at your next review.

B: Says, "If you can get a better-paying job elsewhere, go right ahead."

Rising food and energy prices do indeed put a dent in your budget. But if you're looking for inflation that parties like it's 1975, you need to have rising wages, and that's just not happening.

By John Waggoner, USA TODAY

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