davelj, in the graph of household net worth you linked to:
– inflation was rising during a long-term decline in household wealth as a % of gdp in the late 60s and 70s
– inflation fell pretty consistently during the big runup in household net worth from the late 80s to the early oughts
I’m just noting that a secular decrease in household net worth can happen over an inflationary backdrop, and an increase in net worth over a disinflationary one.
Anyway, to your question: I don’t know what the number is either. But I feel pretty confident that whatever it is, they’re going to go past it. That is the nature of the pressures in our political system (run by hyper-keynesians who only care about getting elected and a voting populace that is over-indebted and unwilling to take short-term economic pain).
