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Price Rises Are Not Under Control, Especially if You Count Right

By March 12, 2024Commentary

This morning’s release of the Consumer Price Index showed a higher increase than expected, well, than expected by the apologists for Bidenomics in the media and financial community.  According to the Bureau of Lying Statistics, consumer prices rose four-tenths of a percent in February, up from three-tenths in January, and 3.2% on a year-over-year basis.  There are about 20 flavors of CPI and people try to guess which one the Federal Reserve tracks most closely, but the big picture is that since Bidementia became President prices for things we need to buy, like food, shelter, medical care, cars, have risen much faster than income.  And the numbers that are presented are a joke, they are obviously wrong in a number of respects.  I posted recently on the failure to include interest rate increases in inflation.  The one that stands out to me in this report is that medical prices, with health care being almost 20% of the economy, supposedly declined last month, with hospital prices dropping .6%, physician prices .2% and drug prices .1%.  Anybody who knows anything about health care knows that prices are in fact on the rise, quite rapidly.  So I suspect the real rate of inflation, annualized and as actually felt by consumers, is over 5%.  And that is why people don’t believe our lying president when he claims everything is just hunky-dory.   (BLS Release)   (ZH Post)

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