this post was submitted on 14 Aug 2024
83 points (96.6% liked)
Economics
432 readers
97 users here now
founded 1 year ago
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Mean while normal people can't afford food.
Don't worry they removed that cost metric from the CPI. That and any other metric that might actually be inflationary ๐ . Don't you feel better though? 2.9% !
CPI inflation is reported higher than 'all items' though...
Grocery is seeing lower inflation. Seems to have come back down to earth.
We need wage growth to continue to outpace inflation like it has been for the past year or so.
I'd have to look but I think wage growth is falling again and of course there's the skewed employment statistics that don't factor in people working multiple jobs... You are dead on though. Inflation is sustainable if the rest of the growth is moving along with it ... unfortunately ours isn't resulting in the overheating.
Multiply that by 3 or 4 and you might get close to a real number.
Nonsense, I track my grocery expenses and it has been right around 15% increased since 2021
Yep. There's a reason they exclude power, food, fuel etc from those calculations... it looks fine on paper but reality is obviously quite different.
Yeah, that's the joke lol. If you just don't add anything inflationary it magically is "under control."
Some inflation is not a problem. After all gold inflation is 1.6-1.8% per year according to the World Gold Council and many cryptos such as Monero have even less than that. Replacement levels of inflation are not a bad thing but uncontrolled fiat printing definitely is. Giving one group of humans the ability to control what everybody sees as money is guaranteed to cause that group of humans to act in their own self-interest and hurt everyone else.
Inflation isn't inherently bad: an overheated economy, which is the result of inflation, is. This is basically where we are right now. Had the fed not gotten cold feet when they halted the rate increases we'd be in a far better position right now (sans a few banks with bad balance sheets.)
The fiat currency discussion gets murky quickly as most everything's value is relative and derived from something else's value. Crypto is no different and arguably has its own set of issues.
Ultimately regardless of the currency we as a world introduced a ton of what should have been temporary wealth during the COVID period into the markets to save lives and businesses. That money needs to go away to restore balance to the economies. This means a negative inflation rate, or put differently, deflation.
But deflation is a boogeyman according to them and they do not want that to occur and strive to do everything in their powers to prevent it.
Say thank you that they allow you to get 14oz of goyslop at only 30% surcharge