“Did you adjust for inflation?” An occupational inconvenience of doing economic research is that you are routinely asked by disbelieving non-researchers whether your numbers have taken into account the rising cost of living. The answer to that question is nearly always, “Yes.” The debates among researchers are about how to adjust earnings and income for inflation, and specifically which price index to use.
Kevin Corinth is a senior fellow and deputy director of the Center on Opportunity and Social Mobility at the American Enterprise Institute. He previously served as chief economist for the White House’s Council of Economic Advisers and Republican staff director of the U.S. Congressional Joint Economic Committee.
Scott Winship is a senior fellow and the director of the Center on Opportunity and Social Mobility at the American Enterprise Institute.
