Disinflation is different than deflation. Prices aren’t changing, that’s good. Prices changed to be bad and aren’t changing, that’s bad.
Now, while I don’t think we want deflation amok, because that’s insanely bad for everyone, what I think we can all agree with is wages need to go up or there needs to be some price control the likes this country hasn’t seen before.
That’s the problem with the economy. This new normal isn’t comfortable. While we’re finally solidifying what this new normally is and volatility is going down, what we’re settling on isn’t good. And pretending that eventually wages will come to match, that’s not realistic. Playing the waiting game is going to wreck a lot of jobs.
I'm guessing his reply to that is: