- Mon Apr 25, 2011 8:09 am
#345555
The Boskin Commission correctly identified problems in the measurement of the CPI. These were corrected and, yes, that led to a lowering of the calculated value of inflation. The adjusted CPI represents a more accurate estimate of the cost-of-living. Needwork has chosen to believe otherwise, as is his right, but I note the tone of a conspiracy theorist in his writing. These corrections to CPI are accepted in the field of economics and not only in the United States.
Ron Paul may describe fiat as insanity, but I can describe the gold standard as fetishism. Big deal. Either system has policy implications and the acceptance of one over the other is really a discussion of the policy implications and a sense of what "standards" should prevail in governance. People who are anti-government like the gold standard because it imposes limitations that suit their personality and view of how the world should be. However, the constant whine of calamity should their view not be upheld points to the emotional rather than rational under-pinnings of their theories.