In an exciting move by leading economists at the top-secret underground economics research lab at Harvard University, it was announced today that the phrase “Nickel and Dimed” has been updated to account for inflation.
“Henceforth, we strongly advise people to use the more up-to-date phrase $0.80 and $1.61’d,” decreed leading economist Paul Krugman, “we want Americans to be a nation fit for the 21st century, and frankly if you aren’t accounting for inflation your phrase is pretty much useless.”
Krugman was joined by other leading economists including Jonathan Gruber, Ben Bernanke, Larry Summers, and Thomas Piketty in this denunciation. With the decision coming from the original appearance of the word in 1941 and calculating the rate of inflation since that time.
Janet Yellen, current Chairwoman of the Federal Reserve of the United States, shared in the excitement of this announcement, saying, “We were concerned with an inflationary spiral with the recent Bureau of Labor Statistics report on employment, but once Americans start using this new phrase, we may re-consider our interest rate policy.”