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Gas is not up 100%. Overall food cost for the average consumer is not up 50%. These are easily looked up. Fortunately we have a metric that measures what peopl

• datavirtue 4y ago
  Not the technical meaning of inflation, just temporary price increases that will be shrugged off in short order. Not before the media and politicians ride it for all it's worth though. Everything goes hyper-bole so quick these days and becomes "true." "Inflation" is a buzz word that is meant to encapsulate outrage at the price increases.
  • ChrisLomont 4y ago
    >just temporary price increases that will be shrugged off in short order Fed and most economists state this is true inflation that will last. Adding trillions of money for free during the pandemic is extremely unlikely not to add long term inflation. Here's [1] the IGM poll of leading economists on it from last Nov. >"Inflation" is a buzz word Inflation is an economic variable that has a solid definition, and it's very likely the current (non-disputable) inflation will have a long lasting component. For example, as a result of inflation, there is ample evidence wages have risen from pressure, and wages are known historically in economics as "sticky," meaning they are much harder to lower than to raise. This alone would give long lasting inflation (and has done so historically). [1] https://www.igmchicago.org/surveys/inflation/ https://www.igmchicago.org/surveys/inflation/