Deflation New York… well, more of it that is…

I am now back in Amman but have a very iffy internet connection. Anyway, as I was preparing to turn in, this article caught my eye:

Essentially, the Metropolitan Transportation Authority has decided its payroll is bloated and is desperately trying to shed employees. So desperately in fact that they are willing to pay people to leave. Now; although this may not seem deflationary at first blush, what matters here is how many of the employees that will take the severance package will actually find another job with a comparable or higher salary. The other variable is also how many of those accepting the package are retiring for good. But the central theme here is reduction of salaries and payroll… deflation by any other name….


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