At best Krugman is suffering from “Normalcy Bias” http://seekingalpha.com/instablog/731545-ethernal/95806-normalcy-bias-and-the-us-bond-bubble
..at worst....he's a mouthpiece for the Obama administration....... Ask yourself 1. Is the price of food I buy going up? 2. Is the price of gas going up? 3. Is the price of home heating/cooling going up? 4. Is my utility bill going up? 5. Is the price of any normal necessity going up? ...and last but not least...ask yourself....Am I suffering from "normalcy bias"???
Disagree with that article. Why do they believe that the demographics are different in America? They are very deflationary.