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tatortodd
Drill Here, Drill Now
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Greenspan and other slimeballs cooked the books on inflation back in the 90s. Their changes to consumer price index (CPI):
  • CPI no longer measures the cost of maintaining a constant standard of living.
  • CPI no longer measures full inflation for out-of-pocket expenditures.
  • With the misused cover of academic theory, politicians forced significant underreporting of official inflation, so as to cut annual cost-of-living adjustments to Social Security, etc.
  • Most egregious of all: Substitution Theory Essentially, consumers shift their buying patterns in response to changing prices, substituting one product for another. The [CPI] index is based on a fixed market basket of goods and services. But, for example, if the price on an item like steak gets too expensive, consumers may switch to hamburger. Eek

    It's cruel to use this cooked books CPI to adjust SSI, I-bonds, etc.

    Fortunately, there is a website called ShadowStats that still calculates inflation using both the 1980 and 1990 methodology. Over 12% CPI using 1980 methodology and ~8% CPI using 1990 methodology.


    Ego is the anesthesia that deadens the pain of stupidity

    DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer.
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    Posts: 23947 | Location: Northern Suburbs of Houston | Registered: November 14, 2005Reply With QuoteReport This Post
    Lord Vaalic
    Unapologetic Old
    School Curmudgeon
    Picture of Lord Vaalic
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    I haven't gotten a 3% raise in years. I lose money every year.



    Don't weep for the stupid, or you will be crying all day
     
    Posts: 10782 | Location: TN | Registered: December 18, 2005Reply With QuoteReport This Post
    wingspar
    Member
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    3% ???? Big fat hairy deal. In my case that means a whopping $11.19 per month. It would take me 5 months to save up for a tank of gas.


    ---------------
    Gary
    Will Fly for Food... and more Ammo
    Mosquito Lubrication Video

    If Guns Cause Crime, Mine Are Defective.... Ted Nugent
     
    Posts: 2505 | Location: Oregon | Registered: January 15, 2010Reply With QuoteReport This Post
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