You can’t keep monetary inflation hidden forever. Every day thousands of Americans are realizing their dollars are being debased. From MN Gordon at economicprism.com:
Price inflation is completely out of hand. You know this. Your dog knows it too.
Still, President Joe Biden wants you to believe he’s got it all under control. Last month, for example, White House Press Secretary Jen Psaki insisted inflation is decreasing. What a crock!
That was about the time White House chief of staff Ron Klain – an absolute goober – endorsed Jason Furman’s claim that America’s inflation and supply chain problems only affect a small part of the U.S. population. Furman, a former Obama administration economist and economics professor at Harvard University, also tweeted that “most of the economic problems we’re facing … are high class problems.”
Ivory tower thinking like this has turned Washington into a land of idiots. The elites are completely detached from reality. And their policies are wreaking havoc on working class and middle class Americans. We can’t change this. But we can revel in what it represents…
You see, one of the unspoken delights of the 21st century American experience is zeroing in on the precise moments when reality can no longer be covered up with lies. Like when America invaded Iraq and didn’t find weapons of mass destruction. Or when Fed Chair Ben S. Bernanke said impacts from problems in the subprime market were likely to be contained and then Lehman Brothers went belly-up.
This week price inflation attained this special status. Reports fabricated by government bean counters could no longer bury the truth.
On Tuesday, the Labor Department reported the producer price index (PPI), which measures wholesale prices, increased in October at an annual rate of 8.6 percent. Then, on Wednesday, the Labor Department reported the consumer price index (CPI) increased 6.2 percent in the last 12 months.
In truth, the CPI is rising at more than double the rate of what’s officially reported. Nonetheless, the fact that the official CPI was reported at 6.2 percent documents a moment when reality could no longer be covered up with lies. Mark it on your calendar.
And what’s this…