When it Comes to the Fed and Jobs, Robert Samuelson Is Worried About Inflation and Martians

Last week the Fed announced that it would continue to maintain its zero interest rate policy until the unemployment rate fell below 6.5 percent. While the Fed has always targeted low unemployment in addition to low inflation as part of its legal mandate, this was the first time it had explicitly tied its monetary policy to an unemployment target instead of just an inflation target.

This decision has Robert Samuelson very worried. Samuelson warned that the last time the Fed tried to target bot...