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Record Price Drops

Published on November 19, 2008 in Business and Economics. 5 Comments Tags: , .

I just went to Google News and saw this interesting article:

The cost of living in the U.S. fell by the most on record as fuel costs plummeted and retailers used discounts for cars and clothing to entice consumers hobbled by job losses and sinking home values.

This is an interesting result of the current economic slow down. It fundamentally goes against the goals of the Fed targeting a minimal inflation rate. In the short run it is great for consumers, since wages are slow to adjust, it will increase their purchasing power. If the price drops are expected to turn into a prolonged inflation, then wages will drop over time. We all know that this is never perceived well by actors in the economy. So let’s not celebrate sales at our favorite stores too quickly.

Furthermore, prolonged deflation can have negative effects on the economy as Japan experienced in the 1990’s. It can cripple the power of the central bank, especially if expectations cause wages to drop further in a vicious cycle.

Like everyone else, I’m happy that gas prices are down, but I think this summer’s oil prices were inflated. In our current economic times, I feel certain that any news with the word “record” (besides Olympic ones) is bad news. This even includes falling prices, somewhat ironically.

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  1. Dan Schoppe posted the following on November 19, 2008 at 6:48 pm.

    Road trip!

  2. spencerb posted the following on November 19, 2008 at 6:53 pm.

    ooohh oohh! where?

  3. Dan Schoppe posted the following on November 19, 2008 at 6:54 pm.

    Kellie and I are planning on visiting Josh Kronwall over winter break in Kanosha (sp?). He’ll be on j-term. Maybe you should make the drive up!

  4. spencerb posted the following on November 19, 2008 at 6:57 pm.

    When over winter break are you thinking…sometime in January?

  5. Dan Schoppe posted the following on November 20, 2008 at 1:14 am.

    Definitely January. Probably between the 3rd and the 15th somewhere.

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