Why I Dissented
Glad to hear that someone on the Fed has some sense. The confusion of &quot;target&quot; with &quot;ceiling&quot; has been disastrous for the economic recovery. Raising rates now is a terrible idea. Moderate inflation is good for an economy based on credit, _especially_ so when so many individuals are overburdened by overwhelming student loan debt and underwater mortgages. Running under 2% core inflation for the past nine years has destroyed any chance of wage growth or natural debt relief. If anything, we need a few years of 3-4% inflation to make up lost time. Wages need to go up and relative debt loads need to go down, but they never will at 1% inflation when the Fed tightens the screws anytime we get close to 2%.