Economist Roger Koppl sent me the following:
"Today's L.A. Times has a story on inflation, which includes the following gem:
"'Analysts generally agree that the Fed must try to keep inflation from getting out of hand. Created in the early 20th century to regulate the nation's money supply, the Fed combats inflation by keeping the economy from overheating. The theory is that if it grows too quickly, prices begin to skyrocket and inflation ends up pushing down consumers' standards of living.'
"Apparently, excess economic growth is one of leading causes of reduced standards of living."