Just since the election, Bush cut your pay 3.9 percent

NY Times:

...the Federal Reserve showed prices -- excluding food and energy -- rising at a rate of 2.2 percent in the first quarter of 2005. That was up considerably from a 1.7 percent rate in the fourth quarter and marked the highest reading since the final quarter of 2001

Note, that doesn't even include the inflation caused directly by rising oil prices.

Meanwhile, the Commerce Department reported that the American economy slowed during the first quarter to its weakest pace in two years.

Could this be the start of stagflation?