Hedonic adjustments for technological advances overstate the benefits to consumers, and allow the government to understate CPI increases. Just because a computer is twice as fast does not mean it delivers twice the value to consumers.

Hedonic adjustments for technological advances overstate the benefits to consumers, and allow the government to understate CPI increases. Just because a computer is twice as fast does not mean it delivers twice the value to consumers.

— Peter Schiff (@PeterSchiff) February 22, 2018