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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Am I the only one reminded of the last McCain surrogate to advise people to “relax and enjoy it?” Joe Lieberman isn’t in the same ballpark of awfulness of that other comment, but this is a pretty stupid rejoinder.
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