For years I’ve been arguing that the public doesn’t understand inflation targeting, and that the Fed needs a target that the public does understand, such as NGDP targeting. In 2010 when core inflation was running below 1%, Bernanke said the Fed would seek to raise the rate of inflation closer to 2%. Talk radio told its listeners that the Fed wanted to raise their cost of living when average Americans were already struggling, and of course there was an uproar.