Inflation seems tame MOSTLY thanks to 3rd world countries who peg to USD - namely CHINA!!! Chinese currency went up 9% over the last 2 years and is WAY undervalued by some estimates up to 40%. Anything causing them to unpeg (I know they're not exactly pegged)from USD and dump their USD reserves you see USD crashed and tame inflation in USA going from tame with some concern from the fed to hyper inflation with fed raising rates by full percentage points. Min wage is going up as well which will add to the inflation argument.
Deflation might follow inflationary (hopefully not hyper inflation) recession if not depression. For that to occur, it will take some time to bring back jobs back to US with people willing to work for minimum wage.
China is the wild card which can allow USD to fall gradually and for the public not to feel major inflationary pressures. But the government wants Yuan to go open market so figure how that might affect everyday prices and if that wouldn't cause major inflation in the country. All you have to look at is items you buy on daily basis that are made in China and in USA then you can decide how inflation is kept tame at present.
Hey reticiiz... not only that, but there's a few other things hanging over our head and keeping the pressure on what might upset the applecart. Al Kaeda comes to mind right away! They keep promising to get us, and I don't see how they can be stopped without an awful lot of luck. We have the ACLU, (American Criminal Liberty's Union) trying everything they can dream up to make this country as vulnerable to terrorists, child preditors and every other kind of crimes that are killing America. Al Kaeda can simply blow up a key oil facility in a foreign country and that could be enough to send oil to $100. How about Iran? I don't think I have to go any further to make my point. Gloom and doom... nobody wants to hear it. Between our security and our economy, all we need to do is just trust our leaders. They'll take care of it... after something else happens. Right now they're all too busy fighting with each other over who's going to be president. They're busy bilking money out of people looking for favors after they get them elected. Yeah, we're in good hands alright. The only ones that might be okay are those astronauts if they find a place to live out there in space, and take along enough supplies like booze to last till things get straightened out here. :)