They Needed Someone to Blame. They Found the Fed.

Scott Sumner on the obtuse claim that the Fed's "inflationary" policy stance is responsible for the continued slump in income:

The WSJ Says the Lowest Inflation in 50 Years is Killing the Middle Class

Lets take a look: (I've included both the PCE and the CPI)

David Beckworth lends an assist, but about the claim that the Fed is responsible for low real interest rates. 

As an Aside, Cow Tools

My favorite Gary Larson cartoon. It's obtuse nature reflects the way I feel when interpreting economic... (oh screw it its funny and I want to post it).

Home work question: which tool do you think the cow should work with to maximize the marginal product of his labor?