Why People Think Inflation Has Soared; That The Cost Of Bread Is Spiraling Higher-My Take
This article by Joe Weisenthal is an example of why Business Insider will never, ever get the respect it seeks from citizens. There are so many responses that slam dunk this terrible attempt to pull the wool over our eyes with regard to the cost of living that I will just share my responses. You can look at the other responses at the link. Anyway, this is so easily refutable that I cannot believe Henry Blodget and Business Insider would consider publishing this rubbish.
Here are my refutations:
We used to go into Costco to buy 250 dollars worth of groceries. It used to stretch. It doesn't stretch now Joe.
You and Krugman and Sumner just don't get it. You are doing a disservice to the nation.
And you know what a wrecking ball Sumner is with regard to not being afraid of 120 oil and above. He told me that very thing. Now, you may think you are getting us ready to pay more, but without an increase in wages we will rebel, Joe. It isn't happening Joe.It is so dirty what Business Insider is doing to the truth. I contributed some truth to the site when I was permitted to author there. I have always known that BI was on the wrong side of the truth when it came to banker speculation in these commodities that make our goods more expensive.
Comfort index also most likely takes into account that people are working and not getting UB. You are misusing the chart.
And how about the old 2.25 gasoline we used to pay and now it is 3.50 and higher?
Food and gasoline are not used in the CPI but that doesn't mean they don't affect people and their cost of living Joe.
This is why I am infuriated with you and Henry. You are ignoring the facts to make bankers and business happy. Check out the fact that hamburger is now more or as expensive than chicken! Ridiculous.
Oh, and Krugman pointed out bread and milk. He ignored eggs, and cheese and meat. Hamburger is 3.50 a pound when it was 1.99 before.
So Joe, Krugman is a nutcase. And his chart on bread shows a rise. Milk has fluctuated. Potato chlps are double or triple the cost.
Do you have a woman in your house Joe? Perhaps you should get one before you decide to be an expert in economics.
Cooking oil has gone up massively.
My wife says candy has gone up like mad.
Where have you and Henry been Joe? What Planet?
But I always thought I could reach Business Insider, that I could reach these men who influence so many people. My efforts have fallen on deaf ears. The agenda of Business Insider is not the truth at all, but to sway opinion of the American people for higher prices still. Joe knows I have an email from Sumner saying that he doesn't fear much higher commodity prices, including oil at $120 per barrel.
He knows that and yet he continually tries to convince us that we can afford it. We can't Joe Weisenthal. You are a traitor to the truth about economics at the very least and maybe to our nation as well!