Newsweek’s Daniel Gross explains the Consumer Price Index (here’s the official BLS site) in a very simple video. I could do without the goofy sound effects, but it’s a good, 2 minute explanation of how the government tracks inflation.
Per David Simon’s Berkeley talk, though, the video doesn’t go into why this matters. Perhaps they’ll cover that in the next installment of the Economics 101 series.
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I’m sure the high gas prices aren’t related.
February 10th, 2006 at 9:58 am
GAS PRICES AREN’T SO BAD
Have you noticed that a lot of people are moaning and complaining about the price of gasoline these days? I have to admit, I used to be one of ‘em until something changed my mind the other day.
You see, my wife and I went to the mall so she could buy a new bottle of her favorite perfume. On the way home, we stopped for gas. As I was pumping 15 gallons of regular into her white mini-van, I started thinking about the transaction my wife had just completed at the mall and, all of the sudden, it hit me! She had just paid $50 plus tax for a 3.4-ounce spray bottle of perfume. That’s almost $15 per ounce!
Of course, she let me know that it normally cost $80 per bottle, so she was getting it at a huge discount. Some discount.
If I had to pay that much for gasoline to fill up my 1,920-ounce tank each week, it would cost me $1,497,600 a year at the pump!
Makes you feel a lot better about the price of gas now, doesn’t it?
For more humor like this, visit bobmccartyhumor.blogspot.com.
February 10th, 2006 at 10:50 am
That’s humor?