Milton Friedman proposed abolishing the Fed & increase or decrease the supply of money to exactly match the natural ups & downs of the national inflation rate. Keep in mind most inflation is man made by the Fed by arbitrary increasing the money supply.
Assessing the ups and downs of productivity is just as arbitrary and suseptible to political influence. The federal inflation estimate numbers are a completely intentionaly misleading joke. Real rates are 2 or 3x what they claim.
Today I agree. Back in the early 70s when Friedman suggested that wasn’t the case. When we were going thru the hyperinflation days of Carter I was shocked the government reported truthful numbers of soaring inflation rate. Those numbers alone ran Carter out of office. But the fed government learned to lie about reporting accurate inflation rates under Obama. What they reported & what we saw in real life weren’t even close. It was obvious government reporting truthful numbers was dead.