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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Bread Upon The Water who wrote (134528)	6/30/2013 2:33:47 PM
From: RetiredNow	Read Replies (2) \| Respond to of 149317

Nah. Just boneless, breast meat. I always buy that for grilling on weekends. I've watched the price of chicken rise steadily over the last 5 years at far greater than the 2% bullshit number the Fed hangs their hat on. The fact of the matter is that inflation is far higher than the hedonic methods they use nowadays. If it has an inflation signal, they take it out. They just don't like giving bad news. If we used the same methods for calculating inflation as they did in the 70s, which lead to Volcker hiking rates steadily to crush inflation in the 80s, then we'd recognize we're seeing around 7-8% inflation. But with today's hedonics, they say that if chicken prices rise, then people will switch to something cheaper or eat less of it...so magic, it doesn't increase inflation. That's bullshit and if we're being honest with ourselves, we'll acknowledge this is delusional thinking. We're supposed to be building an economy that increases our standard of living, not building an economy that requires us to change the metrics so we can pretend things are still ok.