"Top Economists Including Barack Obama’s Treasury Secretary Discover the Real Inflation Number Under Biden Reached 18% and Is Still Hovering at a 40-Year High"
Yes and no. The thing to remember is that of necessity the factors that go into the inflation calculation are highly subjective. Fluctuating prices necessitate substitutions among goods and services, and it is largely a question of judgment what substitutions are "normal" and which ones are the result of "inflation".
Ultimately, Larry Summers is regurgitating John Williams argument for his ShadowStats metrics, and Summers' argument carries the same logical flaw: treating a subjective and somewhat relativistic measure as an objective absolute.
The actual percentage point given as the inflation metric is less significant than the direction of the change. Is inflation increasing or decreasing? Are prices rising or falling?
This is why I prefer to focus on the trends rather than the magnitudes.
Is an inflation rate of 18% realistic? For some people, yes, it is. For others, even the official metric overstates inflation as they experience it.
The watchword for inflation gauges: Your Mileage Will Vary.
At some point I would be interested in you considering an in depth look at inflation as a de facto tax to address our national tax. Including how it is largely regressive in nature.
The Fed - and by extension, Biden - are between a rock and a hard place, with just months to go until the Election. Biden will HAVE TO try something to make both interest rates and consumer price inflation ‘appear’ to be improving, but I don’t know of any move that will do that. Peter, can you think of anything, however fraudulent or short-sighted, that could be tried?
Controlling inflation... All the Wall Street crowd wants is to get so wealthy that most of the commoners like myself will not ever be perceived in their minds. Do I condemn Wall Street crowd for wanting to get wealthy? No. I prefer to condemn them for not doing reasonable things so that all Americans can benefit. Ms Nicole Lapin is an exception to this because she wants us all to have reasonable wealth. Mr Dave Ramsey may also want this for all though his methods differ. Mr Charles Payne has books on prosperity that he shares with us so we can have wealth. I just need to take the time and read.
"Top Economists Including Barack Obama’s Treasury Secretary Discover the Real Inflation Number Under Biden Reached 18% and Is Still Hovering at a 40-Year High"
https://www.thegatewaypundit.com/2024/04/top-economists-including-barack-obamas-treasury-secretary-discover/
Is this realistic.
Yes and no. The thing to remember is that of necessity the factors that go into the inflation calculation are highly subjective. Fluctuating prices necessitate substitutions among goods and services, and it is largely a question of judgment what substitutions are "normal" and which ones are the result of "inflation".
Ultimately, Larry Summers is regurgitating John Williams argument for his ShadowStats metrics, and Summers' argument carries the same logical flaw: treating a subjective and somewhat relativistic measure as an objective absolute.
The actual percentage point given as the inflation metric is less significant than the direction of the change. Is inflation increasing or decreasing? Are prices rising or falling?
This is why I prefer to focus on the trends rather than the magnitudes.
Is an inflation rate of 18% realistic? For some people, yes, it is. For others, even the official metric overstates inflation as they experience it.
The watchword for inflation gauges: Your Mileage Will Vary.
At some point I would be interested in you considering an in depth look at inflation as a de facto tax to address our national tax. Including how it is largely regressive in nature.
*national debt
The Fed - and by extension, Biden - are between a rock and a hard place, with just months to go until the Election. Biden will HAVE TO try something to make both interest rates and consumer price inflation ‘appear’ to be improving, but I don’t know of any move that will do that. Peter, can you think of anything, however fraudulent or short-sighted, that could be tried?
Controlling inflation... All the Wall Street crowd wants is to get so wealthy that most of the commoners like myself will not ever be perceived in their minds. Do I condemn Wall Street crowd for wanting to get wealthy? No. I prefer to condemn them for not doing reasonable things so that all Americans can benefit. Ms Nicole Lapin is an exception to this because she wants us all to have reasonable wealth. Mr Dave Ramsey may also want this for all though his methods differ. Mr Charles Payne has books on prosperity that he shares with us so we can have wealth. I just need to take the time and read.