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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Good read. The whole story, beyond being highly manufactured and substantially false, is just dumb on a number of different levels. Just take a look at President Bush. People thought he was like them, a regular guy. Look at the mess he’s made of the country.
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