May 24, 2011
– Comments (3) |
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Is Bernanke Out of Touch on Inflation?
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I actually view the CPI vs. Core CPI debate as the wrong debate.
The thing too often overlooked is that both CPI measures use "owners' equivalent rent" rather than housing prices. Owners' equivalent rent is an extremely poor proxy for the costs of home ownership. And since about 65% of Americans are home owners, this is a pretty big deal.
If you look at housing prices rather than owners' equivalent rent, we are actually at extremely low inflation levels, below 1%, and trending back towards deflationary territory.
Interesting point, Jakila.
I think he knows fully well what he is doing, and intends to keep doing it. The man is not an idiot, but he is a liar.
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