Deflating the Post's Deflation Fears

It's always fun to read the Post's editorials on economic issues, since you never know what you might find. For example, it recently told readers that reducing the annual cost of living adjustment for Social Security beneficiaries by 0.3 percentage points annually (i.e. 3 percent after 10 years, 6 percent after 20 years, and 9 percent after 30 years) "won't hurt."

Today we get the Post's assessment of the Fed's QE2 policy. It praises the policy for preventing deflation, which it says was a...