Some argue that CPI is a poor measure of inflation.  They point out it is flawed measure for a variety of reason.  The fact that rent of primary residence is used instead of home prices is the commonly used example.  This may be an important point to be aware of as home prices decrease or stay flat while rents increase in the near future. A higher CPI might result when really this portion of the index actually decreased for many people. 

We can agree the numbers are not perfect. But I do think CPI can be reasonably used as to monitor changes in purchasing power over time even it isn’t perfect.
Niall Ferguson has a take on the changing nature of inflation in today’s the LA Times.

The lastest figure for the annual growth in core consumer prices is just 2.3% in the United States, down from 3.8% in May.

Yet simply because consumer price inflation has remained low does not mean that money is irrelevant

In our time, unlike in the 1970s, oil-price pressures have been countered by the entry of low-cost Asian labor into the global workforce. Not only are the things Asians make cheap and getting cheaper, competition from Asia also means that Western labor has lost the bargaining power it had 30 years ago. Stuff is cheap. Wages are pretty flat.

Anti-gay marriage amendments have been quite successful in various states.  I’ve never understood why… that is, until now.  The Top 10 Reasons Gay Marriage Should be Illegal explains it all.  My favorite reason was:

05) Straight marriage will be less meaningful if gay marriage were allowed; the sanctity of marriages like Britney Spears’ 55-hour just-for-fun marriage would be destroyed.

In all seriousness, I’m still waiting for someone to send a guest article to gimme-five justifying an anti-gay marriage stance.  Please send something to george AT gimme-five DOT COM so we can have some debate about the issue.  Anyone?

S.R. Sidarth

Image courtesy of Wonkette

S.R. Sidarth is definitely a winner.  Before the election campaign began, he was just a University of Virginia undergraduate.  I’ve met plenty of University of Virginia undergraduates, and believe me, I can barely remember their names [just kidding…].  Mr. Sidarth, on the other hand, is now a king amongst college students.  He’s so cool that I asked him to be my friend on facebook.com and he rejected me.  He says he wants to become an environmental lawyer, and after this sudden celebrity, he’s definitely going to get into the law school of his choice.  Rock on, Mr. Sidarth, rock on.

People Who Don’t Like Gay Marriage

That only a union between one man and one woman may be a marriage valid in or recognized by this Commonwealth and its political subdivisions…

Although two gay individuals getting married doesn’t hurt anyone else, some have decided that the idea of two individuals being gay and married is so “wrong” that it must be banned.  Not only is this idea in statutes that already exist in Virginia, but some believe this must be written into Virginia’s constitution to protect the law “from activist judges“.

Image from tspauld.

There is an increasing movement today to compare America’s fast food companies to the cigarette industry.  Yes, it’s true that they both sell products which have the potential to endanger one’s health if used.  Smoking a pack of cigarettes every day and eating three big macs every day can yield to similar degrees of health problems.

This is much of the logic behind a movement to punish the fast food industry.  Many people are suing McDonalds, Burger King, and other firms, claiming various things, all of which amount to an accusation that these fast food firms are creating an environment in which people are “encouraged” to eat poorly, thus acting as a main cause for obesity.

Let’s stop for one second.  Why does any firm choose to sell a particular product?  The answer is simple: because consumers are demanding it.  It’s not as if McDonald’s spontaneously decided that it would create a large number of unhealthy, affordable foods.  McDonald’s, like any successful firm, responded to market demand for food.  Americans have shown that they want fast, cheap, affordable food, with large portion sizes.  Nutritional information seems to be secondary.  Because of this, McDonald’s has given them fast, cheap, affordable food in large portion sizes.  Is it wrong that they responded to demand?