Prices are the way that market economies organized themselves. Despite this, left and right routinely come up with post-CPI recommendations for the Fed in terms of how it should intervene to allegedly push down (or frequently push up) prices. Where’s the outrage here?
These same economists and pundits would laugh disdainfully at Five-Year Plans from the old Soviet Union, yet they can’t see their own equally obnoxious conceit as they call for government intervention in prices that are the consequence of remarkable global cooperation. That high prices can’t cause inflation is naturally glossed over by the punditry, as is the more obvious truth that the surest cure for high prices is high prices.
Dumb as government economic statistics are, the recommended responses to them are exponentially dumber.
Read the full article at Forbes.