Description: The voice of real job creators
President Biden and his media allies have attempted to downplay this painful inflation. Mr. Biden has claimed that price increases are easing, and they will “change sooner, quicker, and more rapidly than most people think.” In reality, inflation may be even higher than the top-line numbers suggest. And Democrats’ $5 trillion Build Back Broke legislation would make it even worse.
As measured by the Consumer Price Index, inflation is officially at its highest point since the Jimmy Carter presidency and the brief hangover it caused for the Reagan Administration. The CPI increased by a historic 11.3% in 1979, 13.5% in 1980 and 10.3% in 1981. Yet the CPI methodology has been updated over the years to discount actual inflation levels and make direct comparisons between now and then difficult. If today’s CPI is adjusted to resemble the old CPI, current inflation may be as bad or even wors
Consider that the CPI 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%.