Bill Clinton: “I don't think there's any evidence of that now for a couple of reasons. One is, you know, we had about 20 years when, in…”

“I don't think there's any evidence of that now for a couple of reasons. One is, you know, we had about 20 years when, in effect, there was no real rise in wages for people in the middle and the lower income groups, and they have had a good rise. It's been going on for about 3 years now. But we have seen enough experience, at least so far, that we don't see the signs of inflation. I also believe the fact that we have open markets and, therefore, lots of competition and a lot of productivity increases fueled by technology should give us some encouragement there. It's something obviously we have to be vigilant about. But based on the present evidence, I think people are--they're earning their pay increases, and they've worked hard for them, and so far, I don't think there is evidence of inflation. Stock Market Ms. Gharib. Mr. President, on Wall Street, they say that the direction of the stock market is a good predictor of where the economy is headed 6 to 9 months into the future. We've seen some rallies recently, but still stocks are down 10 percent or more from their recent highs. Do you think that the stock market is telling us that rough times are ahead?”