{"id":58665,"date":"2021-07-18T20:42:54","date_gmt":"2021-07-19T01:42:54","guid":{"rendered":"https:\/\/olduvai.ca\/?p=58665"},"modified":"2021-07-18T20:42:54","modified_gmt":"2021-07-19T01:42:54","slug":"highest-inflation-in-thirty-years-vs-denial-hand-waving-and-excuses","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=58665","title":{"rendered":"Highest Inflation in Thirty Years Vs. Denial, Hand-Waving and Excuses"},"content":{"rendered":"
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Highest Inflation in Thirty Years Vs. Denial, Hand-Waving and Excuses<\/a><\/h3>\n<\/div>\n<\/div>\n<\/section>\n
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\"Highest<\/p>\n

Photo by\u00a0Joshua Earle<\/a><\/span><\/div>\n<\/div>\n

Stepping on a Lego in bare feet\u00a0hurts<\/em>. Once you know the Lego is there, and it hurts when you step on it, you can\u2019t ignore it. That Lego is right out in the open, after all.<\/p>\n

High inflation feels very similar. At first it\u2019s a shock, then it hurts, then you just can\u2019t pretend it\u2019s not there. Unlike a stray Lego brick, though, you can\u2019t just tidy inflation away. (That\u2019s the Fed\u2019s job.)<\/p>\n

Inflation robs you<\/a>\u00a0in the subtlest possible way. And once you know high inflation is there, and it bleeds your buying power month after month, it\u2019s hard to downplay or ignore. At least for you and me.<\/p>\n

But dismissing high inflation and hand-waving it away with vague excuses? That\u2019s precisely what\u00a0the Fed<\/a>, the Treasury, the entire Biden administration and cheerleading \u201cexperts\u201d\u00a0appear to be doing.<\/a><\/p>\n

Why? Because most Americans seem to be ignoring them.<\/p>\n

\u201cThe headline CPI numbers have shock value, for sure\u201d<\/strong><\/p>\n

This has been widely reported, but just so we\u2019re on the same page:<\/p>\n

Consumer prices increased 5.4% in June from a year earlier, the biggest monthly gain since August 2008.<\/strong><\/p>\n

That\u2019s what Jamie Cox of Harris Financial Group meant when\u00a0he told CNBC<\/a>, \u201cThe headline CPI numbers have shock value, for sure.\u201d<\/p>\n

Yes indeed. This is the largest one-month jump since 2008. If you take the \u201clowest of the lowball\u201d Core CPI measure, which ignores food and energy prices (because nobody\u00a0really<\/em>\u00a0needs to eat, right?) the June annual inflation rate is\u00a0only<\/em>\u00a04.5%,\u00a0the biggest jump in 30 years.<\/strong><\/p>\n

The article called this rise \u201chigher than expected.\u201d That\u2019s one way of putting it. Like saying a wreck that totals your car is \u201cinconvenient.\u201d<\/p>\n

We shouldn\u2019t worry, though! This is just transitory, just a blip of supply chains and post-pandemic pressures relaxing. Remember?<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Highest Inflation in Thirty Years Vs. Denial, Hand-Waving and Excuses Photo by\u00a0Joshua Earle Stepping on a Lego in bare feet\u00a0hurts. Once you know the Lego is there, and it hurts when you step on it, you can\u2019t ignore it. That Lego is right out in the open, after all. High inflation feels very similar. At […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[18769,1055,172,426],"class_list":["post-58665","post","type-post","status-publish","format-standard","hentry","category-economics","tag-birch-gold-group","tag-consumer-price-index","tag-cpi","tag-inflation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58665"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58665\/revisions"}],"predecessor-version":[{"id":58668,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58665\/revisions\/58668"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}