Both Newt Gingrich and the previous sensible on this subject Mitt Romney agreed last night that Ben Bernanke has pursued dangerously inflationary policies. Thirty years of inflation history:
There’s a lot that’s controversial about monetary policy, but debate moderators and other reporters really shouldn’t let politicians get away with misstating the inflation rate. It’s been lower under Ben Bernanke than it was under Alan Greenspan or Paul Volcker. Indeed, Jodi Beggs shows that under Bernanke we’ve had the least inflation since the Great Depression.
[CORRECTION]: Her numbers actually show lower average inflation under William McChesney Martin in the 1950s and 1960s. Bernanke’s just given us the lowest inflation since then.