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Politics : President Barack Obama
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To: RetiredNow who wrote (137869)9/30/2013 1:34:57 PM
From: Road Walker  Read Replies (2) of 149317
 
The way it works is that if you used to buy veal, but prices went up, then you switched to ground beef at the same price that veal used to cost, then they consider that there has been NO inflation. But does that feel like no inflation to you? You used to eat veal, but now you eat ground beef.

What if veal prices go down so you switch from ground beef to veal? Has your standard of living gone up? If you buy a Prius that gets double the mileage of your old car, has your standard of living gone up? If you refinance your huge mortgage from 8% to 4% has your standard of living gone up?

You're too focused on chicken. Cognitive bias. You don't even notice the prices that go down.
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