[jazzyk]

Correct, but the pundits are also correct, because there are really two different economies in the US:

- the "Walmart" economy - no inflation there, regular Joe Schmoes have not had a real raise in years

- the "Hamptons" economy - lots of money sloshing around (thanks to the Fed), bankers, etc spending big on luxury real-estate, etc.

[ComputerGuru]

Inflation is measured more by price than income. The salaries being stagnant at Walmart and co don't really have much say in the CPI.