DOW DOWNER. Speaking of stock market stuff, expect to see the GOP trumpeting the Dow's ascension to a new high of 11,727.34 yesterday. While it's a good number, it's a bit illusory. The Dow is reported in terms of absolute values, but as with everything else in economics, those are rarely so absolute. Indeed, if inflation is taken into account -- and why wouldn't it be? -- the Dow would need to jump another 2,150 points before matching its past high. Today's number is good, but in terms of metrics like the ability to actually buy things, it's no high.
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Ezra Klein
