The point of consoles is to get an acceptable gaming package for a reasonable price. The games are optimized for that specific hardware, which is a huge advantage over budget PC's.
No one is going to build a computer for the same price that can run games as well, even if you somehow find hardware in that price range that is equivalent to current gen consoles.

Why is this still an argument? Of course an overpowered, or even mildly powerful CPU will smoke a console's CPU. A decent gaming processor like Intel's 6th gen i5 will cost you more than half the price of a console though.