while still waiting to find out what would be a "fair" rate of inflation, it occurs to me that perhaps a new "core" CPI is needed: all goods and services less food, energy and tinfoil?
A fair rate would be the actual rate of increase in the cost of living (the loss of purchasing power) for the average citizen, not fudged by ideas such as Boskinizing. That would likely be around 7% today. The government would be forced to pay around 9% on TIPS, our standard tax deduction would be increasing 7% a year, and those on Social Security would be getting 7% a year to meet their increases costs. If they had to pay out what they owe, they wouldn't be as free to be spending money they don't have on every new thing that comes along. I'd call that fair.
Before you blast me, remember 91% of Americans think you are wrong when you do. It's must be nice to be so sure you are right even though only 9% agree with you. Who should be buying the hats?