Landlords are already benefiting from excessive rent increases that are yielding record income, he said.
"We're going to be looking for funding increases that are more than incremental," he said.
But we don't want to pay for earnings increases that are due only to the currency translation.
Also at risk, albeit less so, are those who receive increases that are at a lower rate than actual inflation.
But he cited the possibility that "we are getting extraordinary productivity increases that are keeping unit labor costs down".
Spending cuts and tax increases that are part of the government's austerity program made households even more reluctant to spend.
Besides, the prospect of future tax increases that are contingent on changes in the distribution of wealth may not be as politically unlikely as it seems.
The Fed also reiterated statements pointing to a series of small rate increases that are widely expected to stretch over the next year or so.
On the one hand, Dr. McClellan said, "Medicare beneficiaries are experiencing cost increases that are modest in comparison with recent health care cost trends".
Mr. Warner, who says he favors only those tax increases that are approved in voter referendums, contends that his own polls still have him comfortably ahead.
Should we, for example, be tying executive rewards to short-term share price increases that are often not sustained over the longer term?
