Not so fast with the backslapping on the U.S. economy, says Paul Krugman:

On Dec. 16, 2008, the Fed set its interest target between 0 and 0.25 percent, where it remains to this day.

The fact that we’ve spent six years at the so-called zero lower bound is amazing and depressing…

It’s true that with the U.S. unemployment rate dropping, most analysts expect the Fed to raise interest rates sometime next year. But inflation is low, wages are weak, and the Fed seems to realize that raising rates too soon would be disastrous. Meanwhile, Europe looks further than ever from economic liftoff, while Japan is still struggling to escape from deflation. Oh, and China, which is starting to remind some of us of Japan in the late 1980s, could join the rock-bottom club sooner than you think.

In other inflation news, the price of Thanksgiving was up slightly this year:

– The American Farm Bureau Federation’s annual price survey found the average cost of this year’s Thanksgiving meal for 10 is $49.41, a 37-cent increase from last year.

– Don’t blame the turkey for the slight uptick. The AFBF says the typical 16-pound turkey will cost $21.65. That’s an 11-cent decrease from last year.

– In fact, cranberries, stuffing and pie shells are down in price. The slight rise in total meal cost can be blamed on higher prices for sweet potatoes, milk and whipping cream.