Dear John: Federal Reserve chief Janet Yellen misses more than you said in a recent column.

She overestimates the strength of the job market, and is underestimating the amount of inflation in part of the economy — housing — while underestimating the weakness in prices and wages in a ton of the economy.

And she radically underestimates the drag of government spending and debt, taxes and regulation on the economy.

When states start going bankrupt, Congress will federalize those debts and load the nation with more national debt, heading for our own Greek crisis.

The key is that Yellen was misreading the data , and the data she was reading were wrong. And she is not reading other data at all. The model she reads leaves out key factors.

So she/they keep wondering, if the jobs are this good, where is the inflation? R.W.

Dear R.W.: And she might still get reappointed for another term.

God bless America — and God help us.