robb -- does the phrase "...and grab your socks" ring a bell?

You're kind of right. No, officially I am not an "independent consultant" according to the IRS definition. And the rate is set up front, and I absorb my travel expenses, although there are good tax benefits doing so.

Rate renegotiation is only possible (maybe) on an annual basis.

Think of, say, an electrical contractor. He bids on a job, and bases his bid on what he's paying for stuff like gas ($2.19 when he bids, expected to go to $2.49), and copper wire. A few months into the contract, he's paying $ 3.29 a gallon for gas, and copper wire has gone up 2X to 3X (which is true). So, he's not going broke, but he's sure as hell not doing as well as he'd like.

He learns from this, but the demand is not completely inelastic. There's only so high he can bid without losing out.

In my case, for example, the plane fare has increased about double since I started, and hotels have gone up 20-25%> I'm wondering if the whole thing is worth it.

<sigh>

But all them miles and points ....

Excuse me; I gotta go to the john ...