The Cost of Productivity Increases

Some people say debt levels are too high, and demographics going the wrong direction to ever see another sustained rise in inflation. How do you think about that? Well, I actually think that demographics are moving in the direction of more inflation because it's just a reversal of the process that I talked about before. The caveat is that maybe we'll get productivity gains of a sort that will offset that. And frankly, I don't think anybody in the whole world knows what the relative force of those two things will be. But as I look forward, it seems to me that we'll see what's the word, we'll see.

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