I'll concede the point on the R&R paper. Didn't know there was so much controversy about it, and the accusations that some of their findings were due to a technology glitch are pretty damning.

But still, the median age of the US population in 1950 was 30 years old. Today it's over 37 and climbing. And (not to beat a dead horse) the savings rate is half what it was then.

To me that indicates that a far larger percentage of our population is going to be living on (paltry) fixed incomes than at any other time. Inflation would be crushing to our aging population.

I just don't think you can compare our situation to the 1950's.