The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.

The American people are among the most productive in the world. We have the best technologies. We have - great universities. We have entrepreneurs.

It takes about two and a half percent growth just to keep unemployment stable.

The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.

I am confident that we will meet whatever challenges the future may bring.

A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate - these are the folks who reap the largest rewards.

It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.