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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This is not going to end well for anyone if it goes this way, but there really is no other choice if Bush doesn’t decide to honor the rule of law. Congress needs to do this. More on this topic at TPM.
