2 years ago: The three-step test for inflation

Conveniently, there’s a simple three-step test to find out if inflation worries are founded or unfounded.

Step 1: March into your boss’ office. Don’t bother making an appointment, just open the door, walk in and tell him to listen up because you’re in charge here.

Step 2: Inform your boss of the substantial amount of the raise you will be receiving and that this figure is not optional.

Step 3: When your boss blinks in shock at the large figure you just quoted, remind your boss that you have plenty of options. Remind him that you could easily find another, better-paying job by late afternoon. Remind him that in this job market your boss knows very well that he would be hard-pressed to find anyone who could possibly replace you — that you have all the power in this negotiation and he has no choice but to do what you demand.