Ah, the annual "devaluation" thread - seems to be one in every program. A quick Search turns up 20 hits in the last year, so that's about right.

It has become a ritual on the SPG forum - William often gives us a heads-up of level increases a week in advance so we can book stays at the previous level.

It's inflation. Points aren't an investment. They depreciate just like cash. There is no Money Market or CD for points.

I haven't done the math here, but if you add up the dollar equivalent of the increased levels, divided by all the points to stay at all the Marriott properties around the world, I bet you would end up with about a 3-5% inflation rate, similar to what someone who actually did the calculation at SPG last year found.

Burn 'em as you earn 'em.