Author Topic: The bad inflation numbers are even worse than the government says  (Read 77 times)

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Offline mystery-ak

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February 11, 2022
The bad inflation numbers are even worse than the government says
By Andrea Widburg

You couldn’t miss the headlines: The annual percentage increase in inflation clocked in at 7.5%, making it the worst increase in 40 years. For anyone on a fixed income, living off of savings, or in a low-paying job, this is a disaster. Rich people don’t feel it (much) but ordinary people do. But here’s the kicker: Inflation is almost certainly worse than it was 40 and more years ago. Moreover, because the government is in thrall to Modern Monetary Theory, it’s going to get worse, lots worse. And all the while, China is sitting there, watching and waiting.

Inflation destroys wealth. People’s salaries never keep up with the inflation rate and the elderly aren’t earning more money so their savings can only lose purchasing power. It also hits the poorest people the hardest, making it completely regressive. That’s why a news report like this one strikes terror in the heart of both citizens and the political party in charge:

Quote

    A relentless surge in U.S. inflation reached another four-decade high last month, accelerating to a 7.5% annual rate as strong consumer demand collided with pandemic-related supply disruptions.

    The Labor Department on Thursday said the consumer-price index—which measures what consumers pay for goods and services—in January reached its highest level since February 1982, when compared with the same month a year ago. That put inflation above December’s 7% annual rate and well above the 1.8% annual rate for inflation in 2019 ahead of the pandemic.

    The so-called core price index, which excludes the often volatile categories of food and energy, climbed 6% in January from a year earlier. That was a sharper rise than December’s 5.5% increase and the highest rate in nearly 40 years.

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https://www.americanthinker.com/blog/2022/02/the_bad_inflation_numbers_are_even_worse_than_the_government_says.html
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