Transitory Inflation Narrative is Dead and Current Inflation Rate is Misrepresented

[DBA]

Inflation is actually the highest in our history if we use the CPI we used back in the 80's. The CPI metrics were revised in 1998.

Inflation hit double digits in 1974 with an 11.1% CPI.

But you know what? That’s actually where we are. In fact, we’re higher than that right now. And that is because the CPI that we use today — and I’ve said this many times on the podcast — is not the same CPI that we were using in the 1970s. And that makes comparisons completely irrelevant.”

Peter Schiff: The Mainstream Is Sugar-Coating Inflation | SchiffGold

 

[1srelluc]

Well between shutdowns no end, congress tossing out Trump and Biden Bucks to the tune of trillions, enhanced unemployment, rent forgiveness, and the like I don't know what else anyone expected.

All that was going to (and did) was add long-term inflationary pressure. Perhaps if Tater had not been installed as POTUS it would have been more transitory but Elvis has done left the building on that note.

Now add to that congress is again spending like drunken sailors and looking for more. It looks as if all the economists that predicted double digit inflation dreams are going to come true.....Or already have depending on how you look at the numbers.

Money printer go Brrrrrrr.

​

 

[Natural Citizen]

What I find absolutely laughable are the economics know-nothings on the idiot box and in Washington popping off about inflation being 'transitory' and, oh, don't worry about it, it's not gonna last long, it's just a little blip.

But...the same economics know-nothings turn around a while later and start popping off about inflation being such a good thing.

If inflation is so good all of a sudden, then why were the economics know-nothings popping off about it only being temporary previously? Given they're tryng to sell inflation as a good thing now, shouldn't they have just initially said that everybody should hope that the 'transitory' inflation surge woud continue, and even grow? I mean, if a little bit of transitory inflation is good, then certainly more would be better by their model. Right?

Do you see how intellectually dishonest and utterly stupid these so-called economics 'experts' are?

But anyway. Yeah. They've been screwing with the CPI for a long time. And Peter is correct as far as he went with it.

In fact, the last GOP tax bill included a provision to use chained CPI to measure the effect of inflation on the standard of living. Which effectively means they legalized lying about it. Chained CPI is used for the purpose of understating the effect of inflation on the standard of living, to be clear. Chained CPI also bumps people into higher tax brackets over time.

I explained this rather thoroughly around here when they started doing that. Think that was back when everyone was celebrating all of that 'extra money' they supposedly had in their paychecks. Heh heh. But, as usual, nothing but crickets. So you get what you deserve. None of this should come as any surprise whatsoeever.

 

[1srelluc]

What I find absolutely laughable are the economics know-nothings on the idiot box and in Washington popping off about inflation being 'transitory' and, oh, don't worry about it, it's not gonna last long, it's just a little blip.

But...the same economics know-nothings turn around a while later and start popping off about inflation being such a good thing.

If inflation is so good all of a sudden, then why were the economics know-nothings popping off about it only being temporary previously? Given they're tryng to sell inflation as a good thing now, shouldn't they have just initially said that everybody should hope that the 'transitory' inflation surge woud continue, and even grow? I mean, if a little bit of transitory inflation is good, then certainly more would be better by their model. Right?

Do you see how intellectually dishonest and utterly stupid these so-called economics 'experts' are?

But anyway. Yeah. They've been screwing with the CPI for a long time. And Peter is correct as far as he went with it.

In fact, the last GOP tax bill included a provision to use chained CPI to measure the effect of inflation on the standard of living. Which effectively means they legalized lying about it. Chained CPI is used for the purpose of understating the effect of inflation on the standard of living, to be clear. Chained CPI also bumps people into higher tax brackets over time.

I explained this rather thoroughly around here when they started doing that. Think that was back whe neveryone was celebrating all of that 'extra money' they had in thei rpaychecks. Heh heh. But, as usual, nothing but crickets. So you get what you deserve....

There is strength in your words.....Nothing is free, at least for the producing class.

 

[Ringo]

"Governments around the world are trying to contain inflation, but there is little they can do"

This is because the first commandment of capitalism is "greed is a good thing"

 

[HenryBHough]

I remember the days when "Nixon $3 bills" were blamed for inflation.

That's not at all true these days. Now it's "Xiden $3,000,000,000,000 bills" you'll be toting in paper sacks to buy anything larger than a candy bar.