Krugman has a few words about inflation this week. Including this longer blog. He wants to show that inflation isn’t really a factor in our economy, but - rather - an unreasonable obsession amongst paranoid right wingers.
So Smugman posts this:
A correspondent alerted me to an interesting alternative measure of inflation beyond the Billion Price Index. Those who claim that inflation is vastly understated often appeal to the authority of Shadowstats, a site that purports to provide true measures of many economic variables.
Shadowstats doesn’t come cheap: currently, an annual subscription costs $175.
Six years ago, an annual subscription cost … $175.
See?!?! See?!?!?! That website hasn’t raised its prices! IRONIC!!!!!!!!!
Comments on Krugman’s blog from his supporters:
That is the greatest take-down I have seen in a long time. The kids have a word for it:
These posts are an excellent example of the need for a “like button.” I have nothing instructive to add, except for the fact that I enjoyed this post and would “like” it.
posts like this deserve a “like” button
That’s all I got.
I love your sense of irony.
Okay. So we’re supposed to base our measure of inflation on the price of a website subscription?
No. I don’t think so.
Let’s talk “irony” for a second. Let’s look at another price as a measure of inflation…
…the cost of making money.
In 2009, it cost the Bureau of Printing and Engraving 7.5 cents to print a dollar. source
In 2011, it cost the Bureau of Printing and Engraving 9.1 cents to print a dollar. source
The price of dollar bills has increased 21.3% in 2 years.
[drops mic, walks off tumblr]