From WSJopinion: Government statistics don’t account for how much consumers value memories and time well spent, writes joepine
Journal Editorial Report: What's Plan B for a faltering legislative program? Images: Bloomberg/Getty Images Composite: Mark KellyWith inflation at its highest rate since 1982, the topic seems to be on everyone’s minds, from policy makers to shoppers. The worry is especially acute as inflation appears to be rising still.
Inflation tends to be understood as higher prices resulting either from increased costs—global supply-chain issues and hard-to-find workers—or from increased demand, such as pent-up purchases, as well as easy monetary policy from the Federal Reserve and blowout spending from Congress. But there’s another significant factor at play: Price increases also arise from growth in the perceived value of economic offerings.
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