There are many jokes about economists. I especially like President Truman’s comment about wanting a one-handed economist after hearing so many mixed opinions. While the light bulb joke is about philosophers, it could easily apply to economists or Fed officials. They will complain about what they don’t know and how hard their jobs are, yet will also redefine their goals.
Why is it so hard to hit the 2% target? Is the new standard 3%?
This issue seems to apply to many policy discussions. We redefine the goals we cannot reach.
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