That’s what the NYT told readers. I am sure there are good grounds for criticizing Tony Blair’s economic record. It looks to me like the country has a serious housing bubble, the deflation of which could be very bad news for his successor and the country. But, I can’t imagine anyone who doesn’t have a high paying job in the financial sector getting worried about inflation that is running at a 3.0 percent annual rate (actually considerably lower in the last quarter).

–Dean Baker

Dean Baker is senior economist at the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Read more about Dean.