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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The graph says is all: Median wages stagnant while GDP continues to rise. The economy can be doing great and sucking all at the same time. Only John Edwards is addressing this directly in his campaign.
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