Economist: Here’s why current inflation is DOUBLE what Biden claims
Americans learned from the latest Consumer Price Index report just days ago that inflation is at 6.8%, meaning workers with less than a 6.8% increase in their income are losing ground, unable to pay for the same things they did a year ago.
If only it were that good, warns Fox News commentator Tucker Carlson.
“In the last year, the price of a used car, for example, is going up by more than 30%. Beef prices have risen by 21%. Crude oil up 55%. Dimensional lumber, 35%. Wheat, 37%. Sugar, 33%. Corn, 39%. Palm Oil, 43%. Do you drink coffee in the morning, ever? Oh, too bad. The price of coffee has risen 108% in the last year. Do you like breakfast cereal? Oh, sorry. Oats are up 114%,” he said.
“And those are just the numbers you see on the label at the grocery store. In addition to conventional inflation, consumers also face widespread shrinkflation. That’s an informal term that economists use for the stealth shrinking of consumer products. So companies sell you less for the same price. Have you bought a Snickers bar recently? If it seems a lot smaller than it used to, that’s because it is.”
He explained, “Short of armed robbery, nothing makes Americans poorer faster than inflation does. Now, finance moguls who borrow money for a living love inflation. It makes their debt cheaper. It’s a good thing for them, but everyone else hates it because it crushes them in ways that are very obvious day to day. – READ MORE
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