Who says there’s no inflation

If you pay attention to the financial news, or even political news, you will hear over and over again that interest rates have to be kept low because there is not enough inflation to keep the economy humming along otherwise.

I’m all for keeping the economy humming – without jobs there isn’t enough money to pay the rent, something that’s pretty hard for most of us even with a job. But to say there is little or no inflation is to ignore at least one part of society – those of us who frequent diners.

I’m old enough to remember 99 cent breakfast specials, meals that included eggs, toast, potatoes and coffee – if you could make it to the diner before 10 am, or were still up from the night before. 

As recently as 2009, I had some dear old friends in Delray Beach, Florida, who I would visit about four times a year. They were way past retirement age, and one of their big events of the day was breakfast. The favored place was a well known diner called 3 G’s. 

It was always a scramble to get there by ten, but we always did because you could get those eggs, homefries, toast and coffee all for $3.29 (I just checked the menu online, and still offer that special, but it’s up to $4.99 – still reasonable, and you can get it til 11).

But here in Brooklyn I’ve been hanging out more at diners and I find you can’t leave without spending at least $10 for breakfast or $20 for dinner. 

Professional economists tell you that inflation is figured by an average of everything. I remember being happy in the old days if I could get a cheap motel room for $99, these days you can often book a room for $50, and that’s even for a fancy room in places like Tulsa or DC. Shirts used to cost $20 or more – I get my shirts delivered to me from Kohl’s for $10 or even less if you add in the bonus dollars they give you credit for.

Don’t forget about rent

Of course it seems that rent never enters the inflation statistics – many of us have stories of the $400 apartment we rented 20 years ago. I’m guessing there are still $400 apartments around, but not in this city. Actually, a quick check online shows me that you could get a one bedroom for around $650 in Detroit or Rochester, but here its more like $2650.

Back to diners – I’ve had to get used to spending restaurant prices in diners – but I have done it my own way.

First of all, there are two kinds of dining out. If I’m dining with a partner, it’ll be at one of the eleven million new restaurants that have opened up in the city since Grub Street and all those other easy-to-access food guides have appeared on everybody’s phone.

I go to diners alone. Well, not really alone. With a very good friend. A book. And I make sure I read a couple of chapters over coffee. So even though breakfast might cost $10, when I factor in the time spent quietly reading, while being served with multiple cups of freshly brewed coffee, that $10 now includes table rent, which in the final analysis is a bargain in a place like New York where both time and space is big money.