According to the Bureau of Labor Statistics' latest price inflation data, CPI inflation in February accelerated for the second month in a row, and price inflation hasn't proven nearly as transitory as the regime's economists have long predicted.
The ongoing price increases largely reflect growth in prices for food, services, electricity, and shelter.
Pulling out volatile energy and food prices, we find price inflation remains stubbornly high.
Paul Krugman has been one of the most vocal cheerleaders claiming the problem of price inflation is "Solved." The February numbers have proven troublesome for this narrative because it is becoming increasingly clear that price inflation is not rapidly disappearing.
In other words, assuming the CPI is correct-and isn't low-balling the real extent of price inflation-the dollar has lost one-fifth of its value in just four years.
Biden has repeatedly blamed the private sector for "Price gouging" and so-called shrinkflation, which is the term for a reduction in the size of a product while the product's price stays the same.
More specifically, the acceleration in price inflation that we are now being forced to endure is the result of unprecedented increases in the money supply that have occurred since the government-forced covid lockdowns began in the spring of 2020.
https://schiffgold.com/guest-commentaries/dollar-down-20-since-2020-biden-blames-greed/
No comments:
Post a Comment