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People have been complaining that the actual inflation is greater than the "officially reported" inflation for the past 30 years - ever since the Great Recessio
by taylodl 4y ago
People have been complaining that the actual inflation is greater than the "officially reported" inflation for the past 30 years - ever since the Great Recession. The cost for energy was factored out, and even the cost of food was factored out to some extent - so long as you can replace item A with item B and the price of A > B then we'll take item B.
This had led to an "officially reported" inflation rate that is lower than the actual inflation people experience. Critics say it's to keep the cost of social security increases low, since they're based on the "officially reported" inflation rate.
Next up, another pet peeve of mine: the calculation of the unemployment rate..
Edit: replaced "Cynics" with "Critics"
- leereeves 4y ago> Cynics say it's to keep the cost of social security increases low, since they're based on the "officially reported" inflation rate. Intentional or not, it certainly has had that effect. Social security payments haven't kept up with the cost of living. My grandparents managed to live on social security alone. My father has social security and a state pension and still needs a part time job.
- taylodl 4y agoFair point - I spoke incorrectly. I should have said "critics", not "cynics."