This is Planet Money from NPR.

Robert Smith, you know where I grew up.

San Diego.

We've talked about this, San Diego, the suburbs of San Diego.

And you know, the thing people always say when I tell them I'm from San Diego is, oh

right, San Diego, perfect weather.

I have been there mid-70s, sunny.

And one thing that happens when it's like that is you sort of forget that weather is

even a thing.

You know, you're not hot, you're not cold.

You just think about whatever other problems you have in your life and sort of forget about

weather altogether.

As you might expect, this is not really a discussion about the weather.

This is a metaphor.

It's a metaphor.

For something that's been going on in the US economy for decades.

In the US, over the past 35 years or so, we have all but forgotten about two huge economic

problems.

We have not had deflation when the economy cools and prices and wages fall for years and

years at a time.

And we've not had high inflation when the economy overheats and prices go up and up and

up.

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