That is right, people. Check this out, from CNBC of all places:
After former Federal Reserve Chairman Paul Volcker was appointed in 1979, the consumer price index surged into the double digits, causing the now revered Fed Chief to double the benchmark interest rate in order to break the back of inflation. Using the methodology in place at that time puts the CPI back near those levels.
Inflation, using the reporting methodologies in place before 1980, hit an annual rate of 9.6 percent in February, according to the Shadow Government Statistics newsletter.
Since 1980, the Bureau of Labor Statistics has changed the way it calculates the CPI in order to account for the substitution of products, improvements in quality (i.e. iPad 2 costing the same as original iPad) and other things. Backing out more methods implemented in 1990 by the BLS still puts inflation at a 5.5 percent rate and getting worse, according to the calculations by the newsletter’s web site, Shadowstats.com.
So in other words we are being lied to when they say there is no inflation. We all knew that. We know we are paying more for less at the grocery store and at the gas pump. We see the changes when the $3 Car Wash changes its price to $4, too. The signs of high inflation are all around us, and we see them. We aren’t blind, and this is something that hits everybody, the poor (whom the Democrats claim to love) the hardest. You have to have food and energy, no matter who you are.
Tags: Inflation, Misery Index, Obama Economy
