Op-ed views and opinions expressed are solely those of the author.
Wouldn’t it be nice if we could create our own job performance evaluations, grade them, then give ourselves raises?
Sounds tempting, especially if we’re having financial difficulties. But if our employers’ hard workers and slackers could all do that, it would tumble into oblivion. A private company has no power to confiscate money, no ability to run to a keyboard and add more zeros to the end of its bank account balance.
The U.S. government, of course, has no such constraints.
The U.S. Bureau of Labor Statistics (BLS) has stated that 2021 annual inflation hit 6.8%, while monthly 2022 inflation touched 8.5% in July. The 2021 annual rate and the July 2022 monthly rate, BLS says, are the highest in 40 years. State Media has pushed the power structure’s narrative that this isn’t the highest it’s ever been, merely the worst in two generations… why all the excitement?
But here’s a question for the discerning observer: If the politicians and bureaucrats responsible for causing inflation were able to dictate the rules of measuring and reporting it, would they use a fair comparison between the early 1980s and today? (Here’s a hint: Duh.)
The government’s dirty little secret is that since the early 1980s it has extensively manipulated the way inflation is measured and reported. You get to guess whether the changes were favorable or unfavorable to those who cause inflation. (Hint: See above.)
In fact, former Chief Economist for DataCore Partners LLC, Donald Klepper-Smith, has revealed that if 1980 measurement criteria are used, 2021’s reported 6.8% annual inflation would have to be stated as 14.5%.
If we use that comparison and apply it to the 8.5% inflation reported for July 2022, it would have to be stated, instead, as 18.1%. This is the most extreme price escalation since the Roaring Twenties. That decade was followed by a global Great Depression and then as a direct result of that: You know what.
The dirty deed of inflation deflation hides the truth and is definitely not done dirt-cheap.
Unbiased honest media would reveal the apples-and-oranges comparison when reporting today’s inflation vs. 1982.
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