Where Credit Is Due

Bernanke has a mixed track record, but not on inflation

Federal Reserve Chairman Ben Bernanke has become a whipping boy for GOP presidential candidates. Newt Gingrich calls Bernanke the most "inflationary, dangerous and power-centered" Fed chief in history. Texas Governor Rick Perry says Bernanke's reckless "money printing" policies are practically "treasonous." Mitt Romney believes Bernanke has "overinflated" the dollar. But it's the criticism of the Fed chairman that may be inflated. In fact, compared with that of other Fed chairs, Bernanke's track record on inflation is quite good. The average inflation rate during Bernanke's tenure, at 2.3%, beats that of every Fed chair since 1970. It's on the other half of...

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