Krugman doesn't make it explicit enough that for a hell of a lot of people in this country, the inflation of the 70s was completely awesome. Anybody who got a mortgage and bought a house at the right time made out like a bandit. Sure if money's tight inflation's going to seem like a pretty horrible thing as things become more and more unaffordable, if wages aren't rising with prices as they're sort of supposed to, but those with 30-year fixed year mortgages should've been smart enough to know that they had been given a tremendous gift.
