The Fed is wrong about inflation because aggregation is a silly idea. A large amount of Americans are in negative wealth and a small amount have a lot of money. The official rate is meaningless.
— James Marsh (@JamesMarsh79) August 8, 2019
But ever-wise Kevin Drum says that they should just make one number that captures all inflation for everyone for all time. According to him, it’s simple.
I should stop lampooning Drum. It’s just too easy. It’s like an NFL linebacker playing tackle football with a kindergartner. It’s no demonstration of mental prowess to wipe the floor with Drum’s dumbassery, but good lord is it fun.