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Government: “But, But Inflation is Falling!”

I cannot drive home these points enough. The inflation rate is simply a percent of the last base measure, so if a price goes from $100 to $200 to $250, by the media/government’s definition, inflation has “fallen” from 100% to 25%. And as we know, government numbers are always adjusted so they get the results they want; e.g. quoting numbers with food, health care, housing, and/or fuel removed. There’s no doubt the price levels of counted goods/services are slowing since there isn’t available money to feed demand. For example, when Biden was selected president, an American maybe had $3000 monthly take-home pay but only spent $1500 on essentials such as food, fuel, and housing. That means $1500 was available to spend on phones, TV’s, clothes, etc.; however, because the essentials cost more and must be purchased whatever the cost, maybe now $2900 of that $3000 take-home pay is spent on essentials, leaving only $100 for the non-essentials. Therefore, the demand curve shifts and quoted average price levels slow. The Biden administration can then pat themselves on the backs, with the media cheerleading the “recovery” from inflation. 🙄

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