You are putting words in my mouth AND you need to get your terms clear. By Austrians, I mean not the country of Austria, which is actually a very pleasant place, but rather the Austrian school of economics. Second, as Switzerland shows, it is possible to have very robust economy without hyperinflated monetary growth. Third, we have acheived almost zero economic growth with what even the USG recognizes as a worrisome level of inflation. Fourth, I think we are long past the stage where there "might be" some inflation.
As a matter of fact, we have virtually zero growth (if not negative depending on your view of BLS inflation rates and GDP corrections), and we have inflation roaring along just fine (even using the USG's numbers with corrections that even the most boneheaded Joe six pack knows are wrong - as he finds out when he gasses up his Ford 250 and buys his case of Budweiser).
We have achieved the halcyon days of Jimmy Carter's presidency (which Johnson and Nixon had a large hand in creating BTW, to spread the wealth a bit) of stagflation. You may see that as a wonderful period. Those who view Volker as a national hero would claim otherwise.
I like the job the Fed has been doing ... because if your stocks aren't growing more rapidly than inflation you're in a heap of trouble.
WTF does the FED have to do with whether your stock's are growing faster than inflation. There is only one conclusion, that you are invested in stocks of companies who derive an economic benefit not from productive enterprise, but from speculating on those things that differentially are advantaged by inflation.
Were you born as dumb as a box of rocks or did you get that way listening to your Austrian heroes?
You are dissatisfied with the way the Department of Labor reports CPI? Why don't we hear more about this from the gurus of Wall Street?
You aren't happy if the economy is fine and everyone is prosperous are you?