Bidenflation Rages
When Joe Biden moved into the White House in January 2021, the annual inflation rate was reported at 1.4 percent. In less than a year, that number jumped fivefold — the yearly rate of inflation as measured by the Consumer Price Index (CPI) climbed to seven percent in December. The rate has not been that high since June 1982.
Inflation can pack a huge wallop. A fellow who was once known to be as phony as a three-dollar bill is now up to fifteen dollars.
Even the methodology used to create the Consumer Price Index has been altered to minimize the appearance of inflation’s influence, making long-term comparisons more difficult. The CPI, notes Alfredo Ortiz (president of Jobs Creation Network), no longer “directly measures housing prices, which were part of the index until 1983. This omission means that the current CPI doesn’t fully account for housing prices that have increased by 19.5% over the last year. According to economist Peter Schiff, if the CPI still included housing prices, it would be growing at around 11% rather than 6.8%.”
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