John Tamny
2008-03-25 07:01:02
Most Americans don’t watch the dollar per se, but they DO notice when the wages they earn buy less, and even more, they notice when their pay increases don’t keep up with price increases. That’s the shame of inflation. It’s hidden when it comes to the paycheck, but then the paycheck has less value.
Still, it’s a basic truth that presidents and governments rarely survive dollar debasement. People point to Iraq, excessive government spending, and all manner of things, but the dollar is often paramount. Had it been stable under Bush, he would not be suffering the approval ratings that he is now.
