Lester C. Thurow's Viewpoint in your Aug. 24 issue ("If Inflation of 1970s Was Bad, Deflation of 1980s May Be Worse") contains the following statement: "While those on fixed incomes lose in inflationary periods, very few are in fact on fixed incomes. The elderly, for example, all receive indexed Social Security pensions."
Unfortunately, this view is all too commonly held and perpetuates a myth which does a gross disservice to the many thousands of retirees from state and local government, as well as retired teachers and others on fixed-income pensions. Most do not receive Social Security nor are our pensions indexed to inflation. In addition, most of us pay full income tax on our pensions.
Although no one favors deflation, I find it difficult to support Thurow's thesis that inflation is better.
DAVID G. HITCHCOCK